The report estimates that Tether holds at least 148 tons of physical gold, placing it among the top 30 gold holders globally.

PANews reported on February 9th that, according to CoinDesk, investment bank Jefferies released a report stating that stablecoin issuer Tether's physical gold reserves had increased to approximately 148 tons as of the end of January, worth about $23 billion, placing it among the top 30 gold holders globally. The report noted that Tether purchased approximately 26 tons of gold in the fourth quarter of 2025 and added another 6 tons in January 2026. Its quarterly purchases exceed those of most single central banks, second only to Poland and Brazil. Currently, Tether's gold holdings surpass those of countries such as Australia, the UAE, and Qatar.

This gold is primarily used as reserve assets for its dollar stablecoin USDT and gold token XAUT. Jefferies analysis suggests that, as Tether is a private company, this figure is only a minimum estimate, and its actual gold holdings are likely much higher. According to its fourth-quarter audit report, USDT reserves will hold approximately $17 billion worth of gold as of the end of 2025.