The post Tether’s 116-Ton Gold Hoard May Be Moving the Market: Jefferies appeared on BitcoinEthereumNews.com. Stablecoin issuer Tether holds 116 tons of physical gold, placing it on par with central banks such as those in South Korea, Hungary and Greece. Tether is “the largest holder of gold outside central banks,” Jefferies wrote in a recent analysis, per a report by the Financial Times. The investment bank added that Tether’s growing appetite for gold may be playing a larger role in the metal’s recent surge than previously assumed. According to Jefferies, Tether’s gold purchases last quarter accounted for nearly 2% of total global gold demand and almost 12% of central bank purchases. The company said that Tether’s aggressive accumulation over the past two months “is likely to have tightened supply in the short term and influenced sentiment,” potentially driving speculative inflows into gold markets. Investors cited by Jefferies said Tether aims to acquire another 100 tons of gold in 2025. With the company reportedly on track for $15 billion in profit this year, the target appears well within reach, according to the report. Related: Tether backs Parfin to push institutional USDT adoption across Latin America Tether doubles down on gold strategy Tether has also spent more than $300 million this year buying stakes in precious-metal producers. In June, it acquired a 32% stake in Canada’s public gold royalty firm Elemental Altus Royalties. In September, the FT reported that Tether is exploring investments across the gold supply chain, including mining, refining, trading and royalty companies, as part of a broader push to diversify its reserves. Tether also issues Tether Gold (XAUt), its gold-backed token launched in 2020 and advertised as being supported by bullion stored in a Swiss vault. Blockchain data shows XAUt issuance has doubled over the past six months, with Tether adding 275,000 ounces (about $1.1 billion) since August. Tether Gold has a market cap… The post Tether’s 116-Ton Gold Hoard May Be Moving the Market: Jefferies appeared on BitcoinEthereumNews.com. Stablecoin issuer Tether holds 116 tons of physical gold, placing it on par with central banks such as those in South Korea, Hungary and Greece. Tether is “the largest holder of gold outside central banks,” Jefferies wrote in a recent analysis, per a report by the Financial Times. The investment bank added that Tether’s growing appetite for gold may be playing a larger role in the metal’s recent surge than previously assumed. According to Jefferies, Tether’s gold purchases last quarter accounted for nearly 2% of total global gold demand and almost 12% of central bank purchases. The company said that Tether’s aggressive accumulation over the past two months “is likely to have tightened supply in the short term and influenced sentiment,” potentially driving speculative inflows into gold markets. Investors cited by Jefferies said Tether aims to acquire another 100 tons of gold in 2025. With the company reportedly on track for $15 billion in profit this year, the target appears well within reach, according to the report. Related: Tether backs Parfin to push institutional USDT adoption across Latin America Tether doubles down on gold strategy Tether has also spent more than $300 million this year buying stakes in precious-metal producers. In June, it acquired a 32% stake in Canada’s public gold royalty firm Elemental Altus Royalties. In September, the FT reported that Tether is exploring investments across the gold supply chain, including mining, refining, trading and royalty companies, as part of a broader push to diversify its reserves. Tether also issues Tether Gold (XAUt), its gold-backed token launched in 2020 and advertised as being supported by bullion stored in a Swiss vault. Blockchain data shows XAUt issuance has doubled over the past six months, with Tether adding 275,000 ounces (about $1.1 billion) since August. Tether Gold has a market cap…