Tether, the company that issues the stablecoins USDT (pegged to the US dollar) and XAUT (pegged to gold), is stepping up its strategy of accumulating physical gold and establishing itself as one of the leading holders of gold globally.
According to a client report by investment bank Jefferies published today, February 9, and cited in various media. Tether’s physical gold reserves amounted to at least 148 tons as of January 31, 2026worth approximately $23 billion.
This figure is due to approximately 26 tonnes acquired in the fourth quarter of 2025 and a further 6 tonnes in January 2026, bringing the estimated total for this period to 32 tonnes.
These acquisitions made Tether possible Exceeds the official gold reserves of countries such as Australia and the United Arab Emiratesalong with Qatar, South Korea and Greece, are among the top 30 largest bullion holders in the world.
Structure and evolution of Tether gold reserves
The scale of these purchases puts Tether in an unusual position for a private company, with central banks traditionally monopolizing global demand for the metal.
This dynamic has made Tether a veritable “golden vacuum cleaner” in global markets, absorbing large amounts of data at a rate faster than many nation-state actors.
The company said in its certification, dated to the fourth quarter of 2025, that as of the end of the year, Tether already had gold reserves worth approximately $17 billion, equivalent to approximately 126 tonnes at the then-current price.
The structure included ingots of various sizes. As shown in the table below, there were 1,291 pieces of 12.5 kg (519,317 troy ounces), 15 pieces of 1 kg (482,220 troy ounces), and 18 pieces of 0.5 kg (289,332 troy ounces). The troy ounce is the international standard weight unit for precious metals such as gold and is used to ensure the accuracy of measurements worldwide.
Tether CEO Paolo Ardoino confirmed this strategy in January, as reported by CriptoNoticias. The company is purchasing gold at a rate of 1-2 tonnes per week and plans to maintain this level for the coming months.
Mr. Ardoino explained the goal of positioning Tether as one of the world’s major gold holders. similar to the role of a central bank.
Focus on physical gold and security
Tether prioritizes holding physical gold, which is stored in a former nuclear bunker in Switzerland owned by Tether and protected by multiple layers of security, including thick steel doors. The company did not provide details about the exact location or other specific characteristics. For security reasons, this site cannot be accessed. According to Ardoino, this installation ensures the integrity of the asset.
The executive emphasized that gold is valued for its liquidity and as a reserve asset with no counterparty obligations.
This vision is part of a period of significant revaluation for gold, which reached historic highs of over $5,500 per ounce at the end of January 2026, driven by the search for a safe haven in the face of macroeconomic uncertainty and diversification from the US dollar. The price has since corrected, but remains at $5,000 per ounce as of February 2026, as seen on the chart.
Tether shows financial status
Tether’s certification report as of the end of 2025 shows a strong financial foundation to support these acquisitions. Total assets and reserves $192 billionhas excess reserves of over 6.3 billion and all issued tokens are 100% backed by liquid assets.
In addition to gold, this support is backed by $122 billion worth of U.S. debt. Tether is one of the world’s largest holders of U.S. Treasuries. According to the report for the fourth quarter of 2025, Bitcoin (BTC) has a similar value of 96,184 BTC, worth approximately $8.4 billion.
Diversification combines exposure to stability (bonds and cash) and store-of-value assets (gold and Bitcoin). The company’s investment portfolio exceeds $20 billion and has the ability to continue its gold accumulation strategy in the short and medium term.
The move reflects strategic diversification on Tether’s balance sheet, combining Tether’s role in the stablecoin ecosystem with increased exposure to value-storing assets.
