Tether became a “gold vacuum cleaner”

Tether, the company that issues the stablecoins USDT (pegged to the US dollar) and XAUT (pegged to gold), has intensified its strategy of accumulating physical gold, positioning itself as one of the main holders of the metal globally.

According to a report for clients from the investment bank Jefferies that was released today, February 9 and was cited by various media, Tether’s physical gold reserves reached at least 148 tons as of January 31, 2026with an approximate value of 23,000 million dollars.

This figure results from the acquisition of around 26 tons during the fourth quarter of 2025 and another additional 6 tons in January 2026, which adds up to an estimated total of 32 tons in that period.

These acquisitions have allowed Tether exceed the official gold reserves of countries such as Australia, United Arab EmiratesQatar, South Korea and Greece, placing it among the 30 largest global bullion holders.

Structure and evolution of Tether gold reserves

The scale of these purchases places Tether in an unusual position for a private company, in a context where countries’ central banks traditionally dominate global demand for the metal.

This dynamic has made Tether a true “gold vacuum cleaner” in the global market, absorbing significant volumes at a rate that surpasses that of many state actors.

In the certification corresponding to the fourth quarter of 2025, the company stated that, at the end of that year, Tether already had gold reserves valued at about $17 billion, equivalent to approximately 126 tons at then prices.

The structure included ingots of different sizes: 1,291 units of 12.5 kg (519,317 troy ounces), 15 of 1 kg (482,220 troy ounces) and 18 of 0.5 kg (289,332 troy ounces), as seen in the following table. The troy ounce is the international standard unit of weight for precious metals such as gold and is used to ensure accuracy in global measurements.

Paolo Ardoino, CEO of Tether, confirmed this strategy in January, as reported by NoticiasVE. The company buys gold at a rate of one or two tons per week and plans to maintain this level for the coming months.

Ardoino has described the goal of positioning Tether as one of the leading holders of gold globally, similar to the role of a central bank.

Focus on physical gold and security

Tether prioritizes holding physical gold, which is stored in a former nuclear bunker located in Switzerland, owned by Tether, and protected by multiple layers of security, including thick steel doors. The company has not revealed further details about the exact location or other specific characteristics. from the site for security reasons. According to Ardoino, this installation guarantees the integrity of the asset.

The executive has emphasized that gold is valued for its liquidity and for being a reserve asset without counterparty debt.

This vision is part of a period of strong revaluation of gold, which reached a historical maximum above $5,500 per ounce at the end of January 2026, driven by the search for safe havens in the face of macroeconomic uncertainty and diversification away from the US dollar. Although the price underwent subsequent corrections, it remains at $5,000 per ounce in February 2026, as seen in the chart.

Tether shows its financial position

Tether’s certification reports as of year-end 2025 show a robust financial foundation supporting these acquisitions: total assets and reserves of $192 billionover 6.3 billion in excess reserves and 100% backing in liquid assets for all tokens issued.

This support, in addition to gold, is supported by United States Treasury bonds valued at 122 billion dollars. Tether is one of the world’s largest holders of US debt. Likewise in bitcoin (BTC) with 96,184 BTC, valued at around $8.4 billion, according to its report for the fourth quarter of 2025.

Diversification combines stability (bonds and cash) with exposure to store-of-value assets (gold and bitcoin). Its own investment portfolio exceeds $20 billion, which provides the capacity to continue with the gold accumulation strategy in the short and medium term.

This move reflects a strategic diversification in Tether’s balance sheet, combining its role in the stablecoin ecosystem with growing exposure to store-of-value assets.