Jefferies: Tether's gold stash tops $23 billion as buying outpaces nation states, Jefferies says

The Wall Street investment bank estimates the crypto firm holds at least 148 tonnes of physical gold holdings, joining top 30 global holders of bullion. What to know : Tether bought an estimated 32 tonnes of physical gold in late 2025 and January 2026, Jefferies analysts said. The pace of buying trailed only Brazil and Poland, with firm's total holdings of now rival those of mid-sized sovereign nations, the report said. Tether held gold as reserves to back the value of its USDT stablecoin and gold-backed XAUT, while CEO Paolo Ardoino disclosed plans to shift up to 15% of the firm's investment portfolio to the bullion.