Report: Tether is expected to hold at least 148 tons of physical gold, ranking among the top 30 global gold holders.

ZkProver · 2026-02-09T07:49:46+00:00

Jefferies investment bank report states that Tether's gold reserves as of January increased to 148 tons, valued at approximately $23 billion, ranking among the top 30 globally. The company plans to continue purchasing gold in 2025 and 2026, holding more than several countries. Analysts suggest that actual reserves may be even higher.

ZkProver

2026-02-09 07:49:46

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ChainCatcher News, according to CoinDesk, investment bank Jefferies released a report stating that the physical gold reserves of stablecoin issuer Tether had increased to approximately 148 tons by the end of January, worth about $23 billion, making it one of the top 30 gold holders worldwide.

The report pointed out that Tether purchased about 26 tons of gold in Q4 2025 and added another 6 tons in January 2026. Its quarterly purchase volume exceeds most individual central banks, second only to Poland and Brazil. Currently, Tether’s gold holdings surpass those of countries like Australia, the United Arab Emirates, and Qatar. These gold reserves are mainly held as backing for its USD stablecoin USDT and gold token XAUT.

Jefferies analysts noted that since Tether is a private company, this data is only a minimum estimate, and its actual gold holdings could be higher. According to its Q4 attestation report, by the end of 2025, approximately $17 billion worth of gold was included in USDT reserves.

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