Jefferies estimates that Tether increased its physical gold reserves to approximately 148 tonnes by the end of January 2026, worth around $23 billion, placing the company among the top 30 largest gold holders globally.
The report indicates that Tether significantly increased its purchases in Q4 2025 and continued to add to its holdings in January 2026, with quarterly purchases exceeding those of most individual central banks. Gold primarily serves as a reserve asset for the USDT stablecoin and the XAUT gold Token .
- Tether: Approximately 148 tons of gold by the end of January 2026, worth approximately $23 billion, ranking in the top 30 globally.
- Purchase approximately 26 tons in Q4/2025, and an additional approximately 6 tons in January 2026.
- Gold is used as a reserve for USDT and XAUT; Jefferies suggests the actual amount could be higher.
Tether 's gold reserves size and rate of acquisition.
Jefferies said Tether 's physical gold reserves increased to approximately 148 tonnes by the end of January 2026, worth about $23 billion.
In its report, Jefferies stated that Tether purchased approximately 26 tonnes of gold in the fourth quarter of 2025 and added another 6 tonnes in January 2026. Tether 's quarterly purchases were described as exceeding those of most individual central banks, second only to Poland and Brazil.
With this scale, the amount of gold held by Tether is now believed to surpass that of countries such as Australia, the UAE, and Qatar, placing Tether among the top 30 gold holders globally (according to estimates in the report).
Gold is used as a reserve for USDT and XAUT; the figures may be minimum levels.
Tether 's gold is primarily used as a reserve asset for the USDT stablecoin and the XAUT gold Token .
Jefferies estimates that because Tether is a private company, the 148 tons figure is only a minimum estimate, and the actual amount of gold is likely higher. According to the Q4 audit report, USDT reserves will hold approximately $17 billion worth of gold by the end of 2025.
