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Jefferies Identifies Tether as Major Driver of 2025 Gold Rally

Jefferies Identifies Tether as Major Driver of 2025 Gold Rally

Investment bank Jefferies estimates Tether holds over 116 tons of gold, tightening supply and boosting sentiment amid a sharp price surge this year.

USDT
XAUT

Fact Check
The evidence strongly supports the statement. The core of the claim—that Jefferies published an analysis identifying Tether as a major driver of gold prices—is overwhelmingly confirmed by multiple high-authority sources, including reports from CoinDesk and Yahoo Finance. These sources establish that Jefferies identified Tether as a major new buyer influencing a gold price surge.The more specific part of the claim, concerning a "predicted gold rally in 2025," is directly supported by a highly relevant, albeit algorithmically generated, source. The AI-generated news feed from CoinMarketCap explicitly states that a Jefferies report links Tether to '50% of gold's 2025 price surge.' While the authority of this source is moderate, its specificity directly matches the user's query. Furthermore, another source, a news aggregator, cites the Jefferies analysis with a date of 'November 21, 2025,' which, while likely a typo for the publication date, adds some corroboration to the '2025' element of the claim.While several other sources confirm the Jefferies-Tether link without mentioning 2025, this is a lack of detail rather than a contradiction. It is common for different news reports to focus on different aspects of a single analysis. The fact that no source contradicts the 2025 prediction, combined with the direct evidence for it, makes the overall statement very likely to be true.
Summary

Investment bank Jefferies reported that stablecoin issuer Tether has purchased significant volumes of gold, totaling at least 116 tons, making it one of the largest non-central bank holders globally. This buying, which included about 26 tons in Q3 2025, has tightened supply and supported a price rally exceeding 50% this year, with gold trading near $4,080 per ounce. Of Tether’s holdings, 12 tons back its XAUt token valued at about $1.57 billion, and roughly 104 tons back USDT valued at about $13.67 billion. Analysts suggest accumulation could continue as USDT grows, with gold maintained at about 7% of reserves. Tether has also invested over $300 million in royalty and streaming companies and hired top HSBC metals traders, signaling a broad metals strategy.

Terms & Concepts
  • Stablecoin: A cryptocurrency pegged to a stable asset like the US dollar or gold to reduce volatility.
  • XAUt Token: A digital token issued by Tether representing ownership of physical gold, pegged to one troy ounce of gold.
  • Royalty and Streaming Companies: Firms that provide upfront capital to miners in exchange for future metal production at a discounted rate.