Tether Hoards 140 Tonnes of Gold, Surpassing Various Gold-Storing Countries

Tether has quietly become one of the largest non-sovereign holders of gold in the world. According to recent disclosures, the stablecoin issuer added roughly 27 metric tons of gold during the fourth quarter of 2025, pushing its total gold exposure to levels comparable with national central banks. 

This move comes as gold prices continue a historic rally, fueled by geopolitical tensions, central bank accumulation, and growing investor demand for hard assets.

Key Takeaways

• Tether added around 27 metric tons of gold in Q4 2025, bringing total exposure to over 140 tons across its reserves.
• Gold plays a supporting role in USDT reserves and fully backs the XAUT gold token.
• Tether’s gold accumulation now rivals smaller national central banks, signaling a strategic shift in reserve management.

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Tether’s Growing Role in the Global Gold Market

According to a Reuters report, Tether added approximately 27 metric tons of gold to its fund exposure in the fourth quarter of 2025. This figure was broadly in line with its estimated third-quarter purchases of around 26 tons. 

While modest compared to the largest central banks, the pace and scale of accumulation are notable for a private crypto company.

The move places Tether alongside sovereign gold holders in terms of quarterly acquisition size. For context, Poland’s central bank, the most active gold-buying central bank in late 2025, added 35 tons in the same quarter.

Read Also: Tether Registers Hadron Tokenization Platform Trademark

Why Gold Prices Are Surging

Gold has experienced an extraordinary rally. Prices are up 18% year-to-date after already gaining 64% in 2025. 

The metal has broken through several psychological resistance levels, including $3,000 per ounce in March, $4,000 in October, and $5,000 per ounce in January.

This surge has been driven by a combination of factors. Central banks continue to diversify reserves away from fiat currencies. Retail demand has strengthened amid inflation concerns. Global geopolitical tensions have reinforced gold’s role as a hedge against systemic risk.

Tether’s accelerated gold buying has added another source of demand. Unlike central banks, the company can execute purchases rapidly, allowing it to respond quickly to market conditions.

How Gold Fits Into Tether’s Reserve Strategy

Tether issues USDT, the world’s largest dollar-backed stablecoin, with approximately $187 billion worth of tokens in circulation. Each USDT is intended to represent one US dollar held in reserve, supported primarily by US Treasury bills and cash equivalents.

Gold represents a smaller but strategically significant portion of these reserves. As of the end of September 2025, Tether’s latest publicly available audit showed gold holdings worth $12.9 billion, equivalent to roughly 104 tons at market prices at that time. Gold accounted for about 7% of total USDT reserves.

In addition to USDT, Tether also issues a gold-backed token known as XAUT. Unlike USDT, XAUT is fully backed by physical gold stored in Switzerland.

XAUT and the Tokenization of Gold

Tether’s gold-backed token, XAUT, represents ownership of physical gold on a one-to-one basis. Each token corresponds to a specific quantity of gold held in secure vaults. As of the end of December, Tether held approximately 16.2 tons of gold to back XAUT.

XAUT accounts for roughly 60% of the global gold-backed stablecoin market. This dominance highlights growing interest in tokenized commodities, especially among investors seeking exposure to gold without relying on traditional custodians or ETFs.

By combining physical gold custody with blockchain-based ownership, Tether is positioning itself at the intersection of traditional safe-haven assets and digital finance.

Read Also: Tether's Global Expansion

Statements From Tether Leadership

Paolo Ardoino, CEO of Tether, emphasized the responsibility that comes with operating at this scale. 

In a company statement, he noted that Tether’s gold investment fund now sits alongside sovereign gold holders, carrying implications for transparency, risk management, and long-term stewardship.

His comments suggest that Tether views gold not as a speculative trade, but as a strategic reserve asset designed to enhance confidence in its stablecoin ecosystem.

Comparison With National Gold Holders

While Tether does not publicly disclose the exact total amount of gold stored in Switzerland across all products, available data suggests combined holdings exceeding 140 tons when accounting for both USDT reserves and XAUT backing.

This places Tether ahead of several smaller nations in terms of gold reserves. Although still far below major holders like the United States, Germany, or China, the comparison underscores how influential private entities have become in commodity markets.

The ability of a crypto-native company to rival sovereign accumulation highlights a broader shift in global finance, where non-state actors increasingly shape demand for traditional reserve assets.

What This Means for Stablecoins and Crypto Markets

Tether’s gold strategy reflects a broader trend of reserve diversification. As scrutiny around stablecoin backing intensifies, holding tangible assets like gold can strengthen market confidence, particularly during periods of macroeconomic stress.

At the same time, gold remains a minority component of USDT reserves, with US Treasuries continuing to dominate. This balance allows Tether to maintain liquidity while also offering protection against extreme market scenarios.

For the crypto industry, the move reinforces the idea that stablecoins are evolving into complex financial instruments, blending elements of banking, asset management, and commodity custody.

Final Thoughts

Tether’s accumulation of more than 140 tons of gold marks a significant milestone, not just for the company but for the broader financial system. A private stablecoin issuer now operates at a scale comparable to national central banks when it comes to gold ownership.

This development reflects rising global demand for hard assets and growing experimentation in how those assets are held, represented, and transferred. 

As tokenization continues to expand, gold-backed digital assets like XAUT may play a larger role in bridging traditional stores of value with blockchain-based finance.

Whether other stablecoin issuers follow Tether’s lead remains to be seen, but the signal is clear. Gold is once again central to discussions about trust, reserves, and financial stability, even in a digital-first economy.

Read Also: What Is Tether (USDT)? The Ultimate Guide

FAQs

How much gold does Tether currently hold

Based on public disclosures, Tether’s combined gold exposure across USDT reserves and XAUT backing exceeds 140 metric tons.

Why is Tether buying so much gold

Gold provides diversification, acts as a hedge against macroeconomic risk, and supports confidence in Tether’s reserve structure.

Is USDT fully backed by gold

No. USDT is primarily backed by US Treasury bills and cash equivalents, with gold representing a smaller portion of reserves.

What is XAUT

XAUT is Tether’s gold-backed token, fully backed by physical gold stored in Switzerland.

Does Tether disclose where its gold is stored

Tether has confirmed that its gold is stored in Switzerland, but it does not publicly disclose exact vault locations or total combined storage figures.

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