
Jefferies analysts say Tether’s gold stockpile now rivals mid-sized sovereign nations, reflecting a strategic shift to allocate up to 15% of its portfolio to bullion.
Jefferies reported Tether’s gold reserves rose to about 148 tonnes, valued near $23 billion as of Jan. 31, 2026, after acquiring 26 tonnes in Q4 2025 and 6 tonnes in January. The accumulation ranked just behind Poland and Brazil in pace, placing Tether among the top 30 global holders and exceeding the reserves of countries like Australia and South Korea. The bullion backs both its USDT stablecoin and XAUT gold-backed token, whose supply rose to 712,000 tokens worth $3.2 billion by end-January. CEO Paolo Ardoino plans to allocate 10–15% of Tether’s $20 billion investment portfolio to gold amid strong demand in emerging markets.