Tether has amassed 116 tons of gold by the third quarter of 2025, according to a report by investment bank Jefferies. This includes 12 tons backing its XAUt token and 104 tons supporting USDT. The stablecoin issuer's gold acquisitions, which added 26 tons in Q3 alone, have contributed significantly to a more than 50% increase in gold prices this year. Jefferies analysts suggest that Tether's gold strategy could result in nearly 60 tons of additional gold annually if half of its anticipated $15 billion profit for 2025 is invested in bullion. Additionally, Tether has invested $300 million in gold royalty and streaming companies and has recruited talent from HSBC, indicating a strategic expansion into the gold market.