Stablecoin issuer Tether holds 116 tons of physical gold, placing it on par with the central banks of countries such as South Korea, Hungary, and Greece.
According to a report by the Financial Times, Jefferies wrote in a recent analysis that Tether is "the largest holder of gold outside of central banks." The investment bank added that Tether's growing demand for gold may play a larger role in the recent surge of the metal than previously assumed.
According to Jefferies' data, Tether's gold purchases last quarter accounted for nearly 2% of global gold demand and nearly 12% of central bank purchases. The firm stated that Tether's aggressive accumulation over the past two months "may have tightened supply in the short term and affected market sentiment," potentially driving speculative funds into the gold market.
Investors cited by Jefferies indicated that Tether aims to acquire another 100 tons of gold by 2025. According to the report, this goal seems entirely achievable given that the company's profits are reportedly expected to reach $15 billion this year.
Tether has also spent over $300 million this year purchasing shares in precious metal producers. In June, it acquired a 32% stake in the Canadian-listed gold royalty company Elemental Altus Royalties.
In September, the Financial Times reported that Tether is exploring investments in the gold supply chain, including mining, refining, trading, and royalty companies, as part of a broader reserve diversification strategy.
Tether also issues Tether Gold (XAUt), a gold-backed token launched in 2020, which is claimed to be backed by gold bars stored in Swiss vaults. Blockchain data shows that the issuance of XAUt has doubled in the past six months, with Tether adding 275,000 ounces (approximately $1.1 billion) since August.
Jefferies stated that Tether bets that tokenized gold will ultimately gain traction. Physical gold is cumbersome for retail investors, futures have roll costs, and gold ETFs charge relatively high fees. Tether believes tokenization addresses these frictions.
As reported by Cointelegraph, Tether's daily operations reflect several core functions traditionally associated with central banks. It directly mints and redeems USDT for verified customers, effectively expanding or contracting supply through its primary market channels.
It also manages a large reserve investment portfolio primarily composed of short-term U.S. Treasury securities, as well as gold and BTC. The company generates central bank-like income by earning interest from these Treasuries while issuing interest-free tokens.
In addition, Tether employs policy tools, such as freezing addresses at the request of law enforcement, and gradually phasing out blockchains to reduce risk.
Related: The Bank for International Settlements (BIS) appoints the IMF's digital currency head and digital euro advocate to lead its innovation hub.
Original: “Jefferies: Tether's 116 Tons of Gold Reserves Comparable to South Korea and Hungary's Reserves”
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