Overview
- Tether’s bullion stash reached about 116 tonnes as of Sept. 30, worth roughly $14 billion, according to Jefferies.
- Tether bought around 26 tonnes in Q3 2025, equal to about 2% of total quarterly gold demand and roughly 12% of known central‑bank purchases.
- Jefferies’ analysis indicates Tether’s net buying outpaced several national central banks during the third quarter.
- Holdings include roughly 104 tonnes attributed to USDT reserves and about 12 tonnes backing Tether’s gold token XAUt.
- Jefferies says the buying tightened near‑term supply and influenced sentiment during 2025’s rally to mid‑October records, while new U.S. rules push Tether toward a separate GENIUS‑compliant USAT without gold.