According to Bitcoin.com, a new analysis from Jefferies suggests that Tether, the issuer of the world’s largest stablecoin, has become a major player in the global gold market. The report, authored by Jefferies analysts Fahad Tariq and Andrew Moss, reveals that Tether held 116 metric tons of gold by the end of Q3 2025, with 26 tons added in that quarter alone. This accumulation, the report argues, is influencing global gold supply and prices. Tether’s gold holdings are split between its XAUT token and USDT reserves, and the firm has also invested over $300 million in mining royalty and streaming companies. Jefferies estimates that Tether’s annual gold purchases could reach 60 tons if it channels half of its 2025 profits into bullion. The report also notes that Tether’s upcoming stablecoin, USAT, does not require gold backing, which could affect long-term demand.
Jefferies Report Highlights Tether's Growing Influence in Global Gold Market
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