Tether's gold reserves exceed $23 billion. Why does Tether continue to increase its gold holdings?

January 31, 2026, a report released by Wall Street investment bank Jefferies has shaken the traditional finance and crypto worlds: the world’s largest stablecoin issuer Tether’s physical gold reserves have surpassed $23 billion in valuation, totaling approximately 148 tons, placing it among the top 30 gold holders worldwide.

Reserve Size: Surpassing Sovereign Nations and Crypto Giants

Jefferies’ report shows that Tether’s gold accumulation rate is remarkable. In just Q4 2025, the company added about 26 tons of gold, and in January 2026, it purchased another approximately 6 tons.

This brings its total reserves to about 148 tons as of the end of January. Based on current gold prices, this is worth roughly $23 billion.

More notably, its purchasing power is impressive. The report indicates that Tether’s quarterly gold purchases have already exceeded those of most single central banks globally, ranking only behind the active reserve increases by the central banks of Poland and Brazil during the same period.

At current reserve levels, Tether’s gold holdings have surpassed the sovereign reserves of countries like Australia, the United Arab Emirates, Qatar, South Korea, and Greece.

Purpose of Reserves: Dual Mission Supporting Core Assets

Why is Tether stockpiling such a massive amount of gold? Its reserves serve a dual core mission.

First, these 148 tons of gold are part of the reserve backing its issued USDT stablecoin. According to Tether’s attestation report as of Q4 2025, its reserves include gold valued at about $17 billion (approximately 126 tons at year-end gold prices).

Second, this gold also directly supports its gold-pegged token, XAUT (Tether Gold). XAUT is a digital asset representing ownership of one troy ounce of physical gold stored in a secure Swiss vault.

Data Background: Massive Market and Surging Gold Prices

Tether’s gold strategy is built on a large and still-growing business. USDT is currently the largest and most widely used stablecoin by market capitalization.

As of February 9, 2026, its market cap reached $184.57 billion, with 24-hour trading volume on major exchanges like Gate exceeding $71.7 billion.

This accumulation coincides with a historic rise in the gold market. Since September 2025, gold prices have increased by nearly 50%, and in January 2026, they temporarily broke the $5,000 per ounce mark.

Transparency and Strategy: The Gold Blueprint of a Private Company

Since Tether is a private company, the figures in the Jefferies report represent only the minimum estimate of its gold holdings; actual reserves could be higher.

Tether CEO Paolo Ardoino has explicitly stated that the company plans to allocate 10% to 15% of its investment portfolio to physical gold, formally establishing and quantifying a strategy that has been in execution for the past few years.

Market Impact: Fusion of Traditional Assets and Digital Finance

Tether’s move is not only a strategic asset-liability management decision but also has profound implications for the entire crypto market. It introduces more tangible hard assets as backing for USDT, a key market infrastructure, potentially boosting market confidence during turbulent times.

Meanwhile, through XAUT, Tether is building a bridge connecting the physical gold world with blockchain efficiency.

How to Follow and Trade Related Assets on Gate

For traders and investors interested in following and participating in this trend on the Gate platform, you can operate through the following core assets.

Below are the key prices as of February 9, 2026, and the latest data:

On the Gate platform, you can:

• Trade a wide range of cryptocurrencies via USDT trading pairs, enjoying high liquidity.
• Directly trade XAUT in spot markets, gaining exposure linked to physical gold prices.
• Use Gate’s charts, market depth, and trading tools for in-depth analysis of these assets.

Summary

Jefferies’ report reveals an ongoing structural shift: large private financial institutions are becoming significant players in the global gold market, with purchasing power comparable to sovereign nations.

As Tether clarifies its long-term gold allocation strategy and XAUT grows driven by emerging retail demand, this fusion of traditional value storage and digital liquidity may attract more institutional adoption.

Against the backdrop of central banks continuing gold purchases and geopolitical uncertainties persisting, the financial role of gold is being reshaped. Tether’s case demonstrates that the digitization and accessibility innovations of gold could open a new chapter for this ancient asset class and secure a more central position in future digital financial ecosystems.

Perhaps in the near future, when we discuss the world’s gold reserves, the names of crypto companies will be mentioned alongside sovereign states, becoming a solid and indispensable part of asset-liability management.