Tether’s Gold Hoard Surges to 116 Tons, Rivals Small Central Banks

Why It Matters

Tether’s gold purchases link the crypto stablecoin market to the traditional bullion market, potentially reshaping gold supply dynamics and adding a new, sizable demand source that could influence prices and the strategies of both miners and investors.

Summary

Jefferies reports that stablecoin issuer Tether has amassed at least 116 tons of gold, making it the largest non‑sovereign holder and comparable to small central banks. The bullion, valued at roughly $15 billion, includes 12 tons backing its XAUt token and 104 tons backing USDT, accounting for about 2 % of global quarterly demand. Tether’s aggressive buying has tightened near‑term supply and is credited with helping drive gold’s 50 % price surge to $4,080 per ounce in 2025. The firm plans to continue accumulating gold as USDT expands, with potential purchases of up to 60 tons annually, while also investing $300 million in royalty and streaming companies and hiring metals traders to deepen its metals strategy.