The precious metal has risen in price by more than 50% this year and is currently trading at around $4,080 per ounce.

Jefferies first drew attention to Tether's interest after the company met with miners and royalty firms in Denver last fall, with investors informing the bank that Tether plans to purchase about 100 tons this year. Public statements by CEO Paolo Ardoino about adding gold to reserves and the price rising to $1 000 per ounce reinforced this assumption.
Analysts led by Andrew Moss estimated that by the end of the third quarter, Tether owned at least 116 tons of gold, of which 12 tons back its token XAUt ( worth about $1.57 billion ), and about 104 tons – USDT ( worth around $13.67 billion ), making it the largest non-government holder in the world and placing it on par with small central banks. The market capitalization of XAUt currently stands at around $1.5 billion, according to CoinMarketCap.
The accumulation rate is the most remarkable — about 26 tons just in the third quarter, which accounts for approximately 2% of global demand, analysts reported. Although this is not enough to surpass the flows of central banks, purchases likely reduced supply in the short term and strengthened bullish sentiment.
Tether is expected to continue accumulating as USDT grows, while gold will remain around 7% of reserves, according to the report. In forecasting Ardoino's profits at $15 billion by 2025, bank analysts calculated that even investing half of this amount in bars could add nearly 60 tons annually.
The planned Tether stablecoin USAT, compliant with the GENIUS Act, will not require gold reserves, leaving its long-term impact on USDT and demand for gold uncertain, the report notes.
Analysts also noted the growing investments by Tether in the gold ecosystem, including over 300 million dollars invested in royalty and streaming companies this year. The bank views these stakes as additional confirmation of a broader metals strategy. The recent hiring of two leading metal traders from HSBC indicates that Tether's efforts in gold are accelerating, not slowing down.