Tether, the issuer of the USDT stablecoin, has emerged as the world's largest independent holder of gold, amassing 116 metric tons in reserves by the third quarter of 2025. This significant accumulation places Tether's gold holdings on par with national reserves of countries like South Korea and Greece. In a single quarter, Tether added 26 tons, accounting for 2% of the global quarterly demand for gold. In addition to its substantial gold reserves, Tether has invested over $300 million in gold mining royalty and streaming companies, indicating a strategic move towards a vertically integrated approach in the gold market. Analysts believe Tether's aggressive gold acquisition strategy could reshape stablecoin investment dynamics and exert influence over the broader gold market.