Tether's gold reserves soar to 116 tons, rivaling small central banks

According to CoinDesk, investment bank Jefferies' latest report indicates that stablecoin giant Tether has quietly become one of the most influential new buyers in the gold market.

The report estimates that Tether currently holds at least 116 tons of gold, with 12 tons backing its XAUt token (valued at approximately $1.57 billion) and about 104 tons backing USDT (valued at approximately $13.67 billion), making it the world's largest non-sovereign holder of gold, comparable in scale to a small central bank. In just the third quarter, it increased its holdings by about 26 tons, equivalent to 2% of global demand.

Analysts point out that with the growth of USDT and Tether CEO Paolo Ardoino's expectation of a profit of $15 billion by 2025, the company may continue to ramp up its gold reserves. This year, gold prices have risen over 50%, currently trading at about $4,080 per ounce.