Tether's gold reserves top $23 billion, estimated at 148 tonnes

Jefferies estimates Tether holds at least 148 tonnes of physical gold, valued at roughly $23 billion as of Jan. 31, after buying about 26 tonnes in the last quarter of 2025 and another 6 tonnes in January. The firm now ranks among the top 30 global holders of bullion and exceeds reserves held by countries such as Australia, the United Arab Emirates, Qatar, South Korea and Greece.

Jefferies' figures show Tether's quarterly gold buying outpaced most individual central banks, trailing only Poland and Brazil. The bullion backs both the U.S. dollar‑pegged stablecoin USDT and the gold‑backed token XAUT, but as a privately held company Tether may hold additional undisclosed gold, making these estimates a floor rather than a full accounting.

USDT's fourth‑quarter attestation listed about $17 billion of gold, roughly 126 tonnes at year‑end prices, while XAUT supply rose to 712,000 tokens worth $3.2 billion by the end of January, adding about 6 tonnes. Ardoino said the gold‑back enjoyed strong retail demand mainly from emerging markets.

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