Tether now buys more gold than many central banks – here’s what that means

Key takeaways

• Tether purchased 26 tons of gold in the third quarter of 2025, a larger quarterly acquisition than any reporting central bank. Its total reserves reached 116 tonnes, placing it among the top 30 gold holders in the world.

• Stablecoin issuers, sovereign wealth funds, corporations and technology companies are increasingly active in gold markets. This trend marks a structural shift in global demand once dominated by central banks.

• Central banks added 220 tonnes of gold in the third quarter of 2025, an increase of 28% from the second quarter. Countries like Kazakhstan, Brazil, Turkey and Guatemala achieved notable increases despite record prices.

• While central banks purchase gold for domestic monetary policy, Tether purchases come from profits and support the diversification, resilience, and collateralization of USDT.

The global financial system is experiencing a period where non-state entities are competing with central banks to build up gold reserves. Tether, the issuer of Tether USDt (USDT) – the world’s largest stablecoin – is now one of the largest buyers of gold. In a single quarter, the company purchased more gold than most central banks during the same period.

This article explores how one company beat central banks to purchasing gold for its reserves and discusses independent certifications of the purchase. It also examines the increase in non-state gold buyers and what Tether’s gold purchases do not indicate.

Private company outpaces central banks in buying gold

During the third quarter of 2025, Tether added 26 tons of gold to its holdings. According to analysts at Jefferies, this made Tether the largest buyer of gold during this quarter, an amount greater than the combined purchases of all reporting central banks.

As of the end of September 2025, Tether’s total reported gold reserves stood at approximately 116 tonnes. If ranked alongside countries on the International Monetary Fund’s (IMF) official gold reserves list, this would place Tether among the top 30 global holders, ahead of countries like Greece, Qatar and Australia.

According to analysis by investment bank Jefferies, the purchase of 26 tons of Tether in the third quarter of 2025 exceeded the official gold purchases of many mid-sized central banks during the same period. This reflects a broader trend.

Large private players, including stablecoin issuers, sovereign wealth funds and multinational corporations, are becoming significant players in markets once dominated by governments. Research from the World Gold Council also highlighted a growing demand for non-sovereign gold.

Tether CEO Paolo Ardoino said on X: “As the world continues to darken, Tether will continue to invest a portion of its profits in safe assets like Bitcoin, gold and land. » The company emphasized that these gold purchases are made from profits and not from customer reserves supporting USDT. He argues that diversification into real assets builds long-term resilience.

Independent certifications: Verified gold breakdowns

Tether publishes quarterly independent certifications prepared by major accounting firms. These reports provide insight into the company’s reserves:

• As of September 30, 2025, gold and precious metals represented approximately 7% of Tether’s total consolidated reserves.

• This figure includes both gold-backed USDT and gold allocated to Tether Gold (XAUT), Tether’s tokenized gold product.

• XAUT has a market value of around $1.6 billion, which is less than 12 tons of gold.

• More than 100 tons of gold declared are not tied to XAUT and are part of Tether’s broader corporate reserves and investments.

Did you know? Tether’s USDT became the first stablecoin to surpass a market capitalization of $100 billion, a notable development in digital finance. Its size allows it to function as a key liquidity layer across crypto exchangesdecentralized finance platforms and global remittance routes.

How Tether Compares to Central Banks

The WGC report “Gold Demand Trends – Q3 2025” shows that central banks globally added 220 net tonnes of gold in the third quarter of 2025. For context, this was 28% more than the second quarter figure and 6% more than the five-year quarterly average.

In 2025, the price of gold is up about 50% year to date. Record prices likely limited the scale of initial purchases. However, the further increase in demand from central banks over the past quarter indicates that these institutions continue to add gold strategically. They do so even in the face of significantly higher prices.

To help you compare Tether’s gold purchase in Q3 2025, here is information on similar central bank activity:

• The National Bank of Kazakhstan was the largest buyer during the quarter, increasing its gold reserves by 18 tonnes to a total of 324 tonnes.

• Brazil’s Central Bank, making its first gold purchase since July 2021, reported a 15-ton increase in its gold reserves in September 2025, bringing its total gold reserves to 145 tons.

• Turkey’s central bank maintained its continued gold accumulation, with its official central bank and treasury gold reserves increasing by seven tonnes in the third quarter to 641 tonnes.

• The Bank of Guatemala increased its gold reserves by six tons during the quarter, a substantial jump of 91%. The bank now holds a total of 13 tonnes of gold, or 5% of its total reserves.

When making such comparisons, it is important to keep in mind that central banks have different objectives when purchasing gold.

Central banks acquire gold as part of their national monetary strategy, while Tether holds gold as part of its corporate reserves. The acquired gold serves as collateral for its stablecoin and as an asset diversification tactic.

Did you know? USDT is not tied to a single network. It is deployed on more than 15 blockchains, including EthereumTron, Solana, Polygon and Avalanche.

The rise of non-state gold buyers

Before the rise of non-state gold buyers like Tether, demand for gold was primarily driven by central banks, the jewelry industry, and commodity investors. However, in recent years, a growing share of gold purchases has come from private institutions, sovereign wealth funds, stablecoin issuers and corporate treasuries.

This change is driven by geopolitical uncertainty and fluctuations in currency values. Stablecoin issuers, in particular, have become significant players. They are acquiring gold in quantities once associated with mid-sized national central banks.

Large technology companies and investment funds are also adding gold to their portfolios as part of broader strategies.

The rapid expansion of non-state gold buyers makes them a notable part of overall gold demand. They now form a steadily growing segment that is reshaping the structure of global gold demand.

Did you know? Tether is subject to independent reserve certifications each quarter by a major global accounting firm. These reports verify its assets, liabilities, reserve composition and exposure.

What buying Tether gold does not indicate

To avoid any misunderstanding, it is important to clarify what this accumulation of gold does not mean:

• This does not indicate liquidity problems or insolvency risk. Independent attestations confirm the relationship between assets and liabilities. A private entity purchasing gold does not, in and of itself, indicate financial difficulties unless such concerns are disclosed by the entity.

• This does not signal upcoming gold price movements. The purchase of gold by a non-state actor does not imply any market forecast or directional vision.

• This is not a monetary decision in the way central banks operate. Private companies manage their reserves according to different objectives and rules, and their gold holdings serve commercial and operational purposes rather than national monetary policy.

This helps put the Tether gold purchase in its proper context and provides a better understanding of what this decision represents.