Tether's Bold Gold Acquisition: Outpacing Central Banks and Its Implications

In the third quarter of 2025, Tether made headlines by purchasing 26 tons of gold, outpacing many central banks and cementing its position among the world's largest gold holders. This article provides an in-depth look at Tether's unprecedented gold acquisition, the changing landscape of gold demand, and what Tether's activities signal for the future.

Key Takeaways

Tether acquired 26 tons of gold in Q3 2025, surpassing any quarterly purchases made by reporting central banks. This increased its total gold holdings to 116 tons, ranking it among the top 30 gold owners in the world.
There is a growing trend of stablecoin issuers, sovereign wealth funds, corporations, and tech companies entering the gold market, which resembles a significant shift in global demand away from traditional central bank dominance.
Central banks collectively added 220 tons of gold in Q3 2025, a 28% increase from the previous quarter. Countries like Kazakhstan, Brazil, Turkey, and Guatemala made notable purchases despite high prices.
While central banks purchase gold to support national monetary policies, Tether's gold acquisitions stem from its profits, aimed at enhancing diversification and resilience for its stablecoin, USDT.

Tether's Ascendancy in Gold Purchases

During Q3 2025, Tether secured 26 metric tons of gold, making it the leading buyer in that quarter—outdoing the combined purchases of all reporting central banks. By the end of September 2025, Tether's total gold holdings reached approximately 116 tons. When compared to the countries on the International Monetary Fund's (IMF) gold reserves list, Tether would rank among the top 30, surpassing nations like Greece, Qatar, and Australia.

According to Jefferies, a notable investment bank, Tether's impressive acquisition in Q3 outstripped the official gold purchases of several mid-sized central banks. This trend illustrates how significant private entities, including stablecoin issuers and large corporations, are now major players in markets historically dominated by government institutions. Tether's CEO, Paolo Ardoino, emphasized on social media that as global uncertainty rises, Tether invests its profits into safe assets like Bitcoin, gold, and land. These gold purchases are not made from customer reserves that back USDT but rather reflect a strategic choice to strengthen long-term stability.

Independent attestations: The verified gold breakdowns

Understanding Tether's Gold Reserves

Tether provides quarterly independent attestations from leading accounting firms, offering transparency into its reserves. As of September 30, 2025, gold and precious metals constituted about 7% of Tether's total consolidated reserves. This figure includes both gold-backed USDT and Tether's tokenized gold product, Tether Gold. The market value of Tether Gold (XAUT) is approximately $1.6 billion, equivalent to less than 12 tons of gold. Moreover, over 100 tons of Tether's reported gold are not linked to XAUT and form part of its wider corporate reserves and investments.

Did you know? Tether's USDT was the first stablecoin to exceed a $100-billion market cap, a significant milestone in the world of digital finance. It serves as a crucial liquidity layer across various crypto exchanges, decentralized finance platforms, and global remittance pathways.

Comparing Tether's Gold Purchases with Central Banks

According to the World Gold Council's "Gold Demand Trends – Q3 2025" report, central banks globally added a net total of 220 tons of gold in Q3 2025, representing a 28% increase from Q2 and a 6% rise above the five-year quarterly average.

The price of gold has risen roughly 50% year-to-date in 2025. Although high prices may have limited initial purchases, the surge in central bank demand during the latest quarter indicates that these institutions are strategically increasing their gold reserves. Here’s a comparison of Tether's acquisitions with central banks during the same period:

The National Bank of Kazakhstan was the leading purchaser, adding 18 tons to its reserves, totaling 324 tons.
The Central Bank of Brazil made its first gold acquisition since July 2021, adding 15 tons to bring its total to 145 tons.
The Central Bank of Turkey continued its gold acquisition strategy, increasing its reserves by 7 tons to reach 641 tons.
The Bank of Guatemala raised its reserves by 6 tons, marking a 91% increase, bringing its total holdings to 13 tons, or 5% of its overall reserves.

While comparing these figures, it’s essential to note that central banks typically have different reasons for acquiring gold. They do so as part of national monetary strategies, while Tether's gold holdings aim to serve as collateral for its stablecoin and diversify its corporate investments.

Did you know? USDT operates on more than 15 blockchains, including Ethereum, Tron, Solana, Polygon, and Avalanche, illustrating its broad integration into the crypto landscape.

The Emergence of Non-State Gold Buyers

Historically, the gold market has been primarily driven by central banks, jewelry demand, and commodity investors. However, private companies, sovereign wealth funds, stablecoin issuers, and corporate treasuries are increasingly influencing gold purchases, prompted by geopolitical risks and shifts in currency valuations.

The emergence of stablecoin issuers like Tether signifies a profound transformation, as they acquire gold quantities comparable to those purchased by medium-sized national central banks. Meanwhile, major technology firms and investment funds are also adding gold to their portfolios, reshaping the global gold demand landscape significantly.

Did you know? Tether conducts quarterly independent reserve attestations by a premier global accounting firm, ensuring transparency regarding its assets, liabilities, and reserve composition.

Clarifying What Tether's Gold Buying Does Not Indicate

To ensure clarity regarding Tether's gold accumulation, it is vital to understand a few misconceptions:

The purchases do not imply liquidity challenges or an insolvency risk. The independent attestations verify the balance between assets and liabilities; thus, a private entity’s gold acquisition alone does not suggest financial troubles unless stated otherwise.
It does not predict future movements in gold prices. Gold purchases by a non-state actor do not necessarily indicate any market forecast or directional viewpoint.
Unlike central banks, Tether's gold buying is not part of a monetary policy. Private businesses operate with different objectives and regulations, so their gold holdings serve corporate and operational ends rather than national economic strategies.

Understanding these points helps place Tether's gold acquisitions into a proper context, providing a clearer perspective on what these actions reflect in the current financial environment.