Key insights
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Tether purchased 26 tons of gold within the third quarter of 2025, a bigger quarterly acquisition than any reporting central bank. Its total holdings amounted to 116 tons, making it certainly one of the 30 largest gold holders on the planet.
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Stablecoin issuers, sovereign wealth funds, corporations and technology corporations are increasingly energetic within the gold markets. This trend marks a structural shift in global demand that was once dominated by central banks.
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Central banks added 220 tons of gold within the third quarter of 2025, 28% greater than within the second quarter. Countries resembling Kazakhstan, Brazil, Turkey and Guatemala achieved significant growth despite record prices.
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While central banks purchase gold for national monetary policy, Tether purchases come from profits and support the diversification, resilience and collateralization of USDT.
The global economic system is currently experiencing a phase through which non-governmental organizations are competing with central banks to accumulate gold reserves. Tether, the issuer of Tether USDt (USDT) – the most important stablecoin on the planet – is now certainly one of the most important buyers of gold. In a single quarter, the corporate bought more gold than most central banks did in the identical period.
This article examines how one company got ahead of central banks in purchasing gold for its reserves and discusses independent confirmations of the acquisition. It also examines the rise of non-government gold buyers and what Tether's gold purchases don’t mean.
A personal company that outperforms central banks in buying gold
In the third quarter of 2025, Tether added 26 tons of gold to its holdings. That made Tether the most important single buyer of gold this quarter, greater than the purchases of all reporting central banks combined, in response to analysts at Jefferies.
As of the top of September 2025, Tether's total reported gold holdings were roughly 116 tons. If Tether were listed alongside countries on the International Monetary Fund's (IMF) official gold reserves list, this could place Tether among the many top 30 gold reserves on the planet, ahead of nations resembling Greece, Qatar and Australia.
According to an evaluation by investment bank Jefferies, Tether's 26 metric ton purchase within the third quarter of 2025 exceeded the official gold purchases of many mid-sized central banks throughout the same period. This reflects a broader trend.
Large private players, including stablecoin issuers, sovereign wealth funds and multinational corporations, have gotten significant participants in markets once dominated by governments. Research by the World Gold Council has also pointed to increasing non-governmental demand for gold.
Tether CEO Paolo Ardoino said on The company has emphasized that these gold purchases are produced from profits and never from customer reserves backing USDT. It says that diversifying into physical assets strengthens long-term resilience.
Independent Certifications: The Verified Gold Breakdowns
Tether publishes independent certifications from major accounting firms on a quarterly basis. These reports provide insight into the corporate's reserves:
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As of September 30, 2025, gold and precious metals accounted for about 7% of Tether's total consolidated reserves.
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This figure includes each gold-backed USDT and gold allocated to Tether Gold (XAUT), Tether's tokenized gold product.
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XAUT has a market value of around $1.6 billion, which is lower than 12 tons of gold.
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More than 100 tons of reported gold just isn’t tied to XAUT and is a component of Tether's broader corporate reserves and investments.
Did ? Tether's USDT became the primary stablecoin to achieve a market cap of $100 billion, a notable development in digital finance. Due to its size, it could actually act as a vital liquidity layer for crypto exchanges, decentralized finance platforms and global remittance routes.
How Tether compares to central banks
The WGC report “Gold Demand Trends – Q3 2025” shows that global central banks added a net 220 tonnes of gold within the third quarter of 2025. For comparison, this was 28% higher than the second quarter figure and 6% higher than the five-year quarterly average.
In 2025, the worth of gold increased by about 50% for the reason that starting of the 12 months. Record high prices likely limited the dimensions of initial purchases. However, the renewed increase in central bank demand within the last quarter suggests that these institutions are continuing to strategically add gold. They do that despite significantly higher prices.
To enable you compare Tether's gold purchases within the third quarter of 2025, here is details about similar activities by central banks:
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The National Bank of Kazakhstan was the most important buyer within the quarter, increasing its gold reserves by 18 tonnes to a complete of 324 tonnes.
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Brazil's central bank, which made its first gold purchase since July 2021, reported a 15 ton increase in its gold reserves in September 2025, bringing its total gold holdings to 145 tons.
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Turkey's central bank continued its regular gold accumulation, with its official central bank and finance ministry gold reserves increasing by seven tonnes to 641 tonnes within the third quarter.
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The Bank of Guatemala increased its gold reserves by six tons throughout the quarter, a major increase of 91%. The bank now has a complete of 13 tonnes of gold, which represents 5% of its total reserves.
When making such comparisons, it is necessary to keep in mind that central banks have different goals when purchasing gold.
Central banks purchase gold as a part of their national monetary strategy, while Tether holds gold as a part of its corporate reserves. The gold purchased serves as collateral for its stablecoin and as an asset diversification tactic.
Did ? USDT just isn’t tied to any network. It is deployed on greater than 15 blockchains including Ethereum, Tron, Solana, Polygon and Avalanche.
The rise of non-governmental gold buyers
Before the rise of non-governmental gold buyers like Tether, demand for gold was primarily driven by central banks, the jewellery industry, and commodity investors. However, in recent times, a growing share of gold purchases have come from private institutions, sovereign wealth funds, stablecoin issuers and company treasuries.
This shift is being driven by geopolitical uncertainty and fluctuations in currency values. Stablecoin issuers specifically have change into significant participants. They are purchasing gold in quantities once related to mid-sized national central banks.
Major technology corporations and investment funds are also adding gold to their portfolios as a part of broader strategies.
With the rapid expansion of non-governmental gold buyers, they account for a noticeable portion of overall gold demand. They now form an ever-growing segment that’s changing the pattern of world gold demand.
Did ? Tether undergoes quarterly independent reserve attestation by a number one global accounting firm. These reports review assets, liabilities, reserve composition and exposure.
What the gold purchase of Tether doesn’t indicate
To avoid misunderstandings, it is necessary to be clear about what this gold accumulation doesn’t mean:
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It doesn’t indicate liquidity problems or impending insolvency. Independent certification confirms the connection between assets and liabilities. A personal company purchasing gold doesn’t in itself indicate financial difficulties unless the corporate discloses such concerns.
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It doesn’t indicate impending movements in gold prices. The purchase of gold by a non-governmental actor doesn’t imply a market forecast or directional view.
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The way central banks operate just isn’t a monetary policy decision. Private corporations manage their reserves in response to different objectives and rules, and their gold holdings serve corporate and operational purposes slightly than national monetary policy.
This helps put Tether's gold purchase into proper context and supports a greater understanding of what this move means.
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