Tether’s reserves exceed $23 billion as demand surpasses that of sovereign nations, according to Jefferies.

The Wall Street investment bank estimates that the cryptocurrency firm possesses at least 148 tonnes of physical gold, positioning it among the top 30 global bullion holders.

Gold (Unsplash/Zlataky/Modified by CoinDesk)

What to know:

• Tether is reported to have acquired approximately 32 tonnes of physical gold during late 2025 and January 2026, according to analysts from Jefferies.
• The speed of purchases was second only to Brazil and Poland, with the firm’s total holdings now comparable to those of mid-sized sovereign nations, the report indicated.
• Tether retains gold as reserves to support the value of its USDT stablecoin and its gold-backed XAUT, while CEO Paolo Ardoino revealed intentions to shift as much as 15% of the firm’s investment portfolio towards the bullion.

Tether, the organization behind the globe’s most widely used stablecoin USDT$0.9995, has continued its acquisition of gold over the past month, placing it among the top 30 global holders of the metal and exceeding several sovereign nations, as reported on Sunday by Wall Street investment bank Jefferies.

The stablecoin issuer’s gold reserves climbed to an estimated 148 tonnes by January 31, with a valuation of about $23 billion, following the purchase of around 26 tonnes in the last quarter of 2025 and an additional 6 tonnes in January, according to Jefferies analysts.

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Jefferies estimates indicate that Tether’s quarterly gold purchases surpassed those of most individual central banks, only falling behind Poland and Brazil during that timeframe.

At present levels, Tether’s holdings outperform those of nations such as Australia, the United Arab Emirates, Qatar, South Korea, and Greece, positioning the cryptocurrency firm among the top 30 bullion holders globally and as one of the largest non-sovereign purchasers, according to the analysts.

The 148 tonnes of bullion serve as reserves supporting both its U.S. dollar-pegged stablecoin USDT and its gold-backed token XAUT. However, the report suggested that the company could possess more gold than has been revealed.

Since Tether is privately owned, these figures provide a minimum estimation of its overall gold exposure, with undisclosed additional acquisitions likely present on the company’s balance sheet.

As per the USDT’s fourth quarter attestation, approximately $17 billion worth of gold was in reserves, equating to 126 tonnes based on year-end gold prices.

The supply of XAUT expanded to 712,000 tokens valued at $3.2 billion by the end of January, reflecting an increase of 6 tonnes of gold backing the tokens. CEO Paolo Ardoino mentioned to CoinDesk in an October interview that the gold-backed token experienced strong retail demand primarily from emerging markets.

This accumulation coincided with a historic surge in gold prices, which surpassed $5,000 per ounce last month and increased nearly 50% since September. Factors contributing to this trend include central bank demand, rising long-term government bond yields, and efforts by some investors to lessen their dependence on the U.S. dollar.

Jefferies observed that the company’s purchasing activities may persist. Tether CEO Paolo Ardoino stated that the firm intends to allocate 10%-15% of its investment portfolio to physical gold, formalizing a strategy that has been gradually implemented over several years.

Tether’s investment portfolio was valued at $20 billion at the close of the previous year, as reported by CoinDesk.

Read more: Tether is buying up to $1 billion of gold per month and storing it in a ‘James Bond’ bunker