Tether, the cryptocurrency company behind the world’s most popular stablecoin $USDT$0.9995It continued its gold hoarding last month, ranking it among the world’s top 30 gold holders, surpassing several sovereign nations, according to a Sunday report from Wall Street investment bank Jefferies.
The stablecoin issuer’s gold reserves rose to an estimated 148 tonnes (worth about $23 billion) by January 31, after buying about 26 tonnes in the final quarter of 2025 and adding another six tonnes in January, Jefferies analysts said.
According to Jefferies estimates, Tether’s quarterly gold purchases exceed those of most individual central banks and were lower than only Poland and Brazil over the same period.
At current levels, Tether’s holdings exceed those of countries such as Australia, the United Arab Emirates, Qatar, South Korea and Greece, and the crypto firm is among the world’s top 30 bullion holders and one of the largest non-governmental buyers, analysts said.
148 tonnes of bullion is held in reserve to back a stablecoin pegged to the US dollar. $USDT and its gold-backed token XAUT. However, the company may hold more gold than disclosed, the report added.
As Tether is a private company, this number represents a minimum estimate of total gold exposure, and likely additional undisclosed purchases on the company’s balance sheet.
According to $USDTQ4 proofs show approximately $17 billion in gold reserves, equivalent to 126 tonnes at year-end gold prices.
By the end of January, XAUT’s supply had increased to 712,000 tokens worth $3.2 billion, with an increase of 6 tons of gold backing the tokens. CEO Paolo Ardoino told CoinDesk in an October interview that Goldback is enjoying strong retail demand, primarily from emerging markets.
This accumulation has coincided with a record rally for gold, which topped $5,000 an ounce last month and is up nearly 50% since September. The move is being driven by central bank demand, rising long-term government bond yields and efforts by some investors to reduce dependence on the U.S. dollar.
Jeffries said the company’s buying spree may continue. Tether CEO Paolo Ardoino said the company plans to allocate 10-15% of its investment portfolio to physical gold, formalizing a strategy it has already been developing for several years.
Tether’s investment portfolio was valued at $20 billion at the end of last year, CoinDesk reported.
Read more: Tether buys up to $1 billion in gold every month and stores it in a ‘James Bond’ bunker
