The crypto industry is now competing with central banks for gold: Tether purchased +26 tonnes of gold in Q3 2025, surpassing all official central bank buying. In comparison, Kazakhstan acquired +18 tonnes, Brazil +15 tonnes, and Turkey +7 tonnes. As a result, Tether's gold buying reflected ~12% of total central bank purchases and ~2% of total global gold demand. The trend strengthened from Q2, when the company bought +24 tonnes of gold, exceeding Poland and Kazakhstan at +19 and +16 tonnes. This pushed Tether's total gold reserves to a record 116 tonnes, making it the largest gold holder outside central banks. Tether is jumping into the worldwide gold rush.(The Kobeissi Letter)