Tether’s Gold Stockpile Now Rivals National Reserves

A new report from Jefferies confirms that Tether has quietly built one of the largest private gold reserves in the world.

As of January 31, 2026, the stablecoin issuer is estimated to hold around 148 tonnes of physical gold, valued at more than $23 billion, placing it among the top 30 global gold holders alongside sovereign states and major institutions.

How Big Tether’s Gold Position Has Become

According to Jefferies’ analysis, Tether’s gold accumulation has accelerated sharply over the past two quarters. The company acquired 26 tonnes in Q4 2025, followed by an additional 6 tonnes in January 2026, bringing total holdings to roughly 148 tonnes.

At current market prices, that stockpile is worth over $23 billion and makes Tether one of the largest non-sovereign buyers of physical bullion globally.

Larger Than Many National Reserves

Tether’s gold reserves now exceed those held by several established economies. Based on official figures, its bullion holdings are larger than the reserves of Sweden, South Africa, Mexico, Greece, South Korea, Australia, and the UAE.

This comparison highlights how aggressively Tether has positioned itself in hard assets relative to both private peers and sovereign buyers, despite not being a central bank.

Strategy Behind the Accumulation

The report aligns with previous statements from Tether leadership about diversifying reserve backing beyond cash and U.S. Treasuries. CEO Paolo Ardoino has previously indicated that 10%–15% of Tether’s investment portfolio would be allocated to physical gold over time.

These bullion holdings serve a dual role. They back not only USDT, the world’s largest stablecoin, but also XAUT, Tether’s gold-backed token, which represents direct ownership claims on physical gold bars.

Buying Into a Record Gold Market

Tether’s accumulation comes amid a historic rally in precious metals. Gold prices reached record highs above $5,500 per ounce in early 2026, making the scale and timing of the purchases particularly notable.

Jefferies notes that Tether’s recent quarterly buying pace has exceeded that of most individual central banks, trailing only a small number of aggressive sovereign buyers such as Poland and Brazil.

A Stablecoin Issuer With Central-Bank-Scale Assets

Taken together, the data underscores how far Tether’s balance sheet has evolved. What began as a cash-backed stablecoin issuer now controls a reserve mix that includes Treasuries, Bitcoin, and a gold stockpile larger than many nations.

The Jefferies report reinforces a broader trend: major crypto-native firms are increasingly behaving like shadow central banks, managing diversified reserves at a scale once reserved for governments alone.

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