Jefferies says Tether's gold reserves exceed $23 billion, ranking among the world's top 30.

Jefferies analysts estimate that Tether holds at least 148 tons of physical gold, ranking among the world's top 30 gold holders. The report points out that Tether purchased about 32 tons of gold between the end of 2025 and January 2026, with a purchasing speed second only to Brazil and Poland. Its total reserves are now close to the level of a medium-sized sovereign nation. Tether uses gold as a reserve to support the USDT stablecoin and the gold-backed XAUT. CEO Paolo Ardoino revealed plans to shift up to 15% of the company's investment portfolio toward gold assets.