BREAKING: Tether now holds more gold than most central banks. Tether purchased +27 tonnes of gold in Q4 2025, bringing total holdings to a record 143 tonnes, now worth ~$24 billion. This follows +26 tonnes and +24 tonnes acquired in Q3 and Q2. By comparison, the Polish central bank, the most active buyer among reporting central banks, increased its total reserves by +35 tonnes last quarter to 550 tonnes. In 2025, Tether's gold buying also surpassed all but the 3 largest gold ETFs. Tether is disrupting the gold market.(The Kobeissi Letter)