Tether, the company behind USDT, is no longer just a crypto giant — it now holds roughly 148 tonnes of physical gold, valued at $23 billion as of late January 2026. According to a Jefferies report, this places the stablecoin issuer among the world's top 30 gold holders, ahead of countries like Australia, South Korea, Greece, Qatar, and the UAE. For a privately owned crypto firm, that marks a tectonic shift and blurs the line between crypto and traditional finance.
Bought 26 Tonnes in Q4, Second Only to Brazil and Poland
Jefferies estimates Tether purchased around 26 tonnes of gold in the last quarter of 2025 and another 6 tonnes in January. Over that period, only Brazil's and Poland's central banks bought more. At 148 tonnes, Tether is now one of the most aggressive non-government buyers in the global gold market. Because Tether is private, analysts caution the reported numbers may understate the real figure — the company could hold even more gold than is publicly known.
Gold Backs USDT and XAUT, Strong Demand in Emerging Markets
Tether holds gold as part of the reserves backing its products, including the world's largest dollar-pegged stablecoin USDT and the gold-backed token XAUT. The Q4 report showed about $17 billion worth of gold in reserves (roughly 126 tonnes at year-end prices). By end of January, over 712,000 XAUT tokens were in circulation, backed by an additional 6 tonnes of gold. CEO Paolo Ardoino said XAUT demand is especially strong in developing economies, where people often turn to gold during currency weakness.
Gold Surpasses $5,000, Tether Plans to Keep Buying
Tether's gold buying comes amid a furious rally. Gold recently broke above $5,000 per ounce, up nearly 50% since September. Drivers include central bank purchases, rising bond yields, and de-dollarization efforts. Ardoino has stated the company intends to keep 10% to 15% of its investment portfolio in physical gold, suggesting further acquisitions ahead.
A Crypto Company That Acts Like a Central Bank
Crypto analyst Kyle Chassé noted that the most aggressive gold buyer right now is not a government, but Tether. With $23 billion in gold, the firm looks more like a central bank than a typical crypto company. As crypto firms increasingly hold real-world assets like gold, the boundary between traditional finance and digital assets continues to dissolve, signaling a new era where crypto operators adopt strategies once reserved for nations and major financial institutions.