Overview
- Jefferies estimates Tether holds at least 116 tons of bullion, comparable to smaller central banks among non-sovereign holders.
- The bank breaks the stash into about 12 tons backing Tether’s XAUt token and roughly 104 tons included in USDT reserves.
- Tether bought around 26 tons in the third quarter of 2025, equal to about 2% of global demand for the period.
- Analysts say the accumulation tightened near-term supply and contributed to gold’s more than 50% year-to-date rise to roughly $4,080 per ounce.
- Gold represents about 7% of Tether’s reserves, with Jefferies expecting continued buying and flagging a planned USAT stablecoin that would not require gold, adding uncertainty to future demand.