Tether has amassed approximately 148 tons of physical gold, valued at around $23 billion, positioning it among the top 30 gold holders worldwide, according to a report by investment bank Jefferies. The stablecoin issuer's gold reserves increased significantly with the purchase of 26 tons in Q4 2025 and an additional 6 tons in January 2026. These acquisitions surpass the quarterly gold purchases of most central banks, trailing only Poland and Brazil. The gold serves as reserve assets for Tether's USDT stablecoin and XAUT gold token. Jefferies notes that Tether's reported gold holdings exceed those of countries like Australia, the UAE, and Qatar. As a private entity, Tether's actual gold reserves may be higher than reported, with its fourth-quarter audit indicating USDT reserves include $17 billion worth of gold by the end of 2025.