According to figures released by Jefferies, Tether secured 26 tonnes of gold in the second quarter and an additional 24 tonnes during the third quarter of 2025. This activity accounted for nearly 2% of the worldwide demand for the precious metal and represented 12% of the total acquisitions made by all central banks globally.
Jefferies further stated that Tether’s total gold holdings have now reached 116 tonnes, a quantity comparable to the state reserves held by countries such as Greece, Hungary, and South Korea. Since October of last year alone, the company has purchased 86 tonnes of gold, resulting in a 120% expansion of its physical holdings.
Citing anonymous sources privy to Tether’s investment strategy, Jefferies analysts indicated that the company might acquire approximately another 100 tonnes of gold before the close of the current fiscal year to bolster the reserves backing its stablecoins.
Currently, 12 tonnes of Tether’s gold reserves are allocated to support Tether Gold (XAUt), the stablecoin pegged to the price of gold. The remaining 104 tonnes are integrated into the “financial cushion for the primary asset”—the USDT stablecoin—a move intended to reduce the risks associated with its volatility.
Previously, specialists from the Arkham platform disclosed that the issuer of the largest market-cap dollar stablecoin, USDT, maintains a reserve fund on its balance sheet consisting of 87,475 BTC.
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