Key highlights:
- Tether holds more than 140 tons of gold, valued at roughly $23 billion.
- XAUt market capitalization exceeds $4 billion, dominating gold-backed stablecoins.
- Tether buys 1-2 tons of gold weekly to strengthen its stablecoin ecosystem.
Tether is rapidly emerging as one of the largest private holders of gold in the world, acquiring the precious metal at central bank rates. The issuer of the USDT stablecoin purchases 1-2 tons of gold weekly and plans to maintain this pace over the coming months.
The company’s gold reserves now approach 140 tons, valued at approximately $23 billion at current prices. This places Tether among the largest institutional holders of physical gold globally.
TETHER HAS QUIETLY AMASSED AROUND 140 TONS OF GOLD
Tether has quietly amassed around 140 tons of gold—worth about $24 billion—making it the largest known private holder outside banks and governments. The crypto giant is buying 1–2 tons per week, storing bullion in a former Swiss…
— *Walter Bloomberg (@DeItaone) January 28, 2026
Swiss vaults and Tether’s central bank strategy
All Tether gold is stored in a secure vault in Switzerland, a country known for its strong reputation in safeguarding assets. CEO Paolo Ardoino described Tether’s role as similar to a private gold central bank.
In addition, some of Tether’s gold reserves are used to back Tether Gold (XAUT), a digital asset pegged to the price of a troy ounce of gold. XAUT allows investors to gain blockchain-based exposure to physical gold, bypassing traditional methods for purchasing or storing the metal.
The crypto industry is now competing with central banks for gold:
Tether purchased +26 tonnes of gold in Q3 2025, surpassing all official central bank buying.
In comparison, Kazakhstan acquired +18 tonnes, Brazil +15 tonnes, and Turkey +7 tonnes.
As a result, Tether’s gold… pic.twitter.com/hCcIhs2dS3
— The Kobeissi Letter (@KobeissiLetter) November 28, 2025
Gold-backed stablecoin market growth
XAUT’s market capitalization recently exceeded $4 billion, accounting for more than half of the gold-backed stablecoin market. XAUT is backed by 1,329 gold bars and 16,238.81 kilograms of gold.
The market capitalization of XAUT has grown from $673 million to $2.57 billion in the last year thanks to the increasing price of gold and the issuance of new XAUT tokens.
Easily invest in gold with Tether Gold (XAUT)
- XAUT is a gold-backed token from the world’s biggest stablecoin issuer, Tether
- Each XAUT token is backed by one fine troy ounce of gold
- The gold backing XAUT is securely stored in a Swiss vault
- XAUT can be traded 24/7
- The token is highly divisible, which means you can easily invest smaller amounts
- Instead of worrying about secure physical storage, you can store XAUT in your crypto wallet
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Strategic importance of gold accumulation
Tether’s weekly purchases of 1-2 tons represent significant demand, especially considering that global annual gold production is approximately 3,000 tons. This strategy diversifies Tether’s reserves, strengthens the stablecoin ecosystem, and enhances investor confidence in the company’s stability.
Expanding geographically and building large physical reserves may also reassure regulators, while demonstrating Tether’s commitment to blending digital finance with traditional assets.
Analysis of the digital-gold hybrid
Tether’s strategy is reminiscent of 19th-century private banks that built gold reserves to back their currencies, though the scale today is much larger. By holding 140 tons of gold, Tether surpasses the annual reserves of many small nations, effectively creating a parallel gold ecosystem on the blockchain.
Every ton of gold requires security, insurance, and auditing, introducing operational complexities unseen in traditional crypto assets.
While XAUt enables instant global transfers, its liquidity depends on a single Swiss vault, tying a digital asset to a physical location in an unusual hybrid model.
Source:: Tether Builds Central Bank Gold Reserve: 140 Tons Worth $23B