BlockBeats news: On January 28, according to a report by the Financial Times, as gold prices hit record highs, the value of gold held by Tether, the largest stablecoin company globally, has increased by over $500 million.
According to an estimate by Jefferies based on Tether's disclosed data, as of the end of September, Tether held approximately 116 tons of gold, valued at around $14.4 billion at that time. The gold price at the end of September last year was $3,858 per ounce, but it has since surged to over $5,200 per ounce, driven by rising geopolitical uncertainties and increased investor demand for safe-haven assets. This means Tether has seen an appreciation of more than $5 billion in value from this portion of its holdings.
Tether stated this week that it purchased an additional 27 metric tons of gold bars in the fourth quarter of last year for its gold-backed stablecoin. Just this new holding has already appreciated by at least $700 million so far this year.
Tether's total gold holdings are currently valued at approximately $24 billion, making it one of the largest beneficiaries of the recent surge in gold prices. According to data from the World Gold Council, Tether has become one of the largest entities in terms of gold holdings globally, with its gold reserves comparable to those of the Qatar Central Bank (the UK holds 310 tons of gold reserves). In a November report, analysts from Jefferies wrote: "Tether is the largest holder of gold outside of central banks, with holdings comparable to those of smaller central banks such as those in South Korea, Hungary, and Greece."
BlockBeats Note: The figures provided in this report are only very conservative estimates. Tether clearly disclosed in Q3 2025 that it had increased its gold holdings by 26 tons, bringing its total to 116 tons. This means that prior to Q3, the company already held 90 tons of gold. The timing and cost of acquiring this earlier 90-ton holding were not explicitly disclosed. The "over $5 billion" figure cited in the Jefferies report is also calculated solely based on the Q3 holdings data. Tether further increased its gold holdings by 27 tons in Q4. Recently, CEO Paolo Ardoino stated that the company is currently purchasing 1 to 2 tons of gold per week and plans to maintain this pace "for the next few months."