In the third quarter of 2025, Tether purchased 26 tons of gold, with the quarterly increase surpassing all central banks that disclosed data. Its total holdings reached 116 tons, placing it among the top 30 gold holders globally.
The activity of stablecoin issuers, sovereign wealth funds, corporations, and tech companies in the gold market is continuously increasing. This trend signifies a structural shift in global gold demand, moving away from the previous central bank dominance.
Central banks net increased their gold holdings by 220 tons in the third quarter of 2025, a 28% increase from the second quarter. Despite record prices, countries like Kazakhstan, Brazil, Turkey, and Guatemala still significantly increased their holdings.
Central bank gold purchases serve national monetary policy, while Tether's gold purchases come from profits, aimed at supporting diversification, resilience, and providing collateral for Tether tokens.
The global financial system is undergoing a phase where non-state entities are competing with central banks to build gold reserves. As the issuer of Tether, the world's largest stablecoin, Tether has now become one of the largest gold buyers. In a single quarter, the company's gold purchases exceeded the levels of most central banks during the same period.
This article explores how a company can stay ahead of central banks in gold purchases for its reserves and discusses the independent verification of these purchases. It also examines the rise of non-state gold buyers and what Tether's gold purchases do not signify.
In the third quarter of 2025, Tether increased its gold holdings by 26 tons. According to Jefferies analysts, this made Tether the single largest gold buyer of the quarter, surpassing the total purchases of all reported central banks.
As of the end of September 2025, Tether reported total gold holdings of approximately 116 tons. If ranked alongside countries in the International Monetary Fund's official gold reserves list, Tether would be among the top 30 globally, ahead of countries like Greece, Qatar, and Australia.
According to investment bank Jefferies' analysis, Tether's 26 tons of gold purchases in the third quarter of 2025 exceeded the official gold purchases of many medium-sized central banks during the same period. This reflects a broader trend.
Large private participants, including stablecoin issuers, sovereign wealth funds, and multinational corporations, are becoming significant forces in a market previously dominated by governments. Research from the World Gold Council also indicates that demand for gold from non-sovereign entities is rising.
Tether CEO Paolo Ardoino stated on X: "As the world continues to darken, Tether will keep investing a portion of its profits into Bitcoin, gold, and land." The company emphasizes that these gold purchases come from profits, not from funds used to support Tether token customer reserves. They believe that diversifying into physical assets helps strengthen long-term resilience.
Tether releases independent verification reports issued by major accounting firms each quarter. These reports provide insights into the company's reserves:
As of September 30, 2025, gold and precious metals accounted for about 7% of Tether's total consolidated reserves.
This proportion includes gold used to support Tether tokens and gold allocated to Tether Gold, a tokenized gold product.
The market capitalization of XAUT is approximately $1.6 billion, corresponding to less than 12 tons of gold.
The report indicates that over 100 tons of gold are unrelated to XAUT and are part of Tether's broader corporate reserves and investments.
Did you know? Tether became the first stablecoin to surpass a total market capitalization of $100 billion, marking a significant advancement in the digital finance sector. Its scale allows it to act as a key liquidity layer between cryptocurrency exchanges, decentralized finance platforms, and global remittance channels.
The World Gold Council's "Gold Demand Trends - Q3 2025" report shows that global central banks net increased their gold holdings by 220 tons in the third quarter of 2025. For context, this is 28% higher than the second quarter's figures and 6% above the five-year quarterly average.
In 2025, gold prices have risen by about 50% year-to-date. Record high prices may limit the scale of initial purchases. However, the recent resurgence in central bank demand indicates that these institutions are strategically increasing their gold holdings even at significantly higher prices.
To help you compare Tether's gold purchases in the third quarter of 2025, here is information about similar activities by central banks:
The National Bank of Kazakhstan was the most significant buyer in the quarter, increasing its gold reserves by 18 tons, totaling 324 tons.
The Central Bank of Brazil purchased gold for the first time since July 2021, increasing its gold reserves by 15 tons in September 2025, bringing its total holdings to 145 tons.
The Central Bank of Turkey continued its ongoing accumulation of gold, with its official central bank and treasury gold reserves increasing by 7 tons in the third quarter, reaching 641 tons.
The Bank of Guatemala increased its gold reserves by 6 tons this quarter, a 91% growth. The bank now holds a total of 13 tons of gold, accounting for 5% of its total reserves.
When making such comparisons, it is important to remember that central banks have different objectives when purchasing gold.
Central banks view gold as part of their national monetary strategy, while Tether considers gold as part of its corporate reserves. The gold purchased serves as collateral for its stablecoin and as part of its asset diversification strategy.
Did you know? USDT is not tied to a single network. It is deployed on over 15 blockchains, including Ethereum, Tron, Solana, Polygon, and Avalanche.
Before the rise of non-state gold buyers like Tether, gold demand was primarily driven by central banks, the jewelry industry, and commodity investors. However, in recent years, an increasing amount of gold purchases has come from private institutions, sovereign wealth funds, stablecoin issuers, and corporate treasuries.
This shift is driven by geopolitical uncertainty and fluctuations in currency value. In particular, stablecoin issuers are becoming significant players, with their gold purchases nearing levels previously associated with medium-sized national central banks.
Large tech companies and investment funds are also incorporating gold into their portfolios as part of broader strategies.
The rapid expansion of non-state gold buyers has made them a significant component of overall gold demand. They now form a steadily growing segment that is reshaping the global gold demand landscape.
Did you know? Tether undergoes independent reserve verification by top global accounting firms each quarter. These reports verify its assets, liabilities, reserve composition, and risk exposure.
To prevent misunderstandings, it is important to clarify what this accumulation of gold does not signify:
This does not indicate liquidity issues or bankruptcy risks. Independent certification confirms the relationship between assets and liabilities. The purchase of gold by private entities does not in itself indicate financial difficulties unless such issues are disclosed by the entity.
This does not predict upcoming trends in gold prices. Gold purchases by non-state actors do not imply any market forecasts or directional views.
This is not the monetary decision-making process of central banks. Private companies manage their reserves according to different objectives and rules, and their gold holdings serve corporate and operational purposes rather than national monetary policy.
This helps place Tether's gold purchases in the appropriate context and supports a better understanding of what this action represents.
Related: Further, 3iQ launches a $100 million fund for compounded returns in Bitcoin (BTC)
Original article: “Why is Tether buying more gold than many central banks? What signals does it send?”
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