Tether, the issuer of the largest stablecoin, is significantly impacting the global gold market, according to a new report by Jefferies. Analysts Fahad Tariq and Andrew Moss highlight that Tether held 116 metric tons of gold by the end of Q3 2025, with 26 tons acquired in that quarter alone. This accumulation is reportedly influencing global gold supply and prices. The report details that Tether's gold holdings are divided between its XAUT token and USDT reserves, with additional investments exceeding $300 million in mining royalty and streaming companies. Jefferies projects that Tether's annual gold purchases could reach 60 tons if it allocates half of its 2025 profits to bullion. Additionally, Tether's forthcoming stablecoin, USAT, which does not require gold backing, may alter future demand dynamics.