Why Tether purchased more gold than central banks

Tether bought 26 tons of gold in the third quarter of 2025, a larger single-quarter addition than any reporting central bank. The purchase lifted its total holdings to 116 tons, placing the company among the world’s top 30 holders when compared with International Monetary Fund rankings.

The move reflects a broader shift in global gold demand. Stablecoin issuers, sovereign wealth funds, corporations and technology firms are taking a greater role in markets once dominated by central banks. Research cited in the sector points to rising non-sovereign buying as geopolitical tensions and currency volatility continue.

Central banks added 220 tons of gold in the same quarter, up 28% from the previous period. Kazakhstan bought 18 tons. Brazil added 15 tons in September, its first purchase since 2021. Turkey increased its official and Treasury reserves by seven tons. Guatemala lifted its holdings by six tons, marking a 91% quarterly rise.

Tether’s acquisition came from company profits. The firm says the gold supports diversification, resilience and collateralization for USDT. Its chief executive said the company will continue allocating part of its earnings to assets such as Bitcoin, gold and land. Tether maintains that customer reserves backing the stablecoin are not used for these purchases.

Independent quarterly attestations show gold and precious metals accounted for about 7% of Tether’s consolidated reserves on Sept. 30, 2025. The figure includes allocations for Tether Gold, its tokenized product known as XAUT, which is linked to less than 12 tons of metal. More than 100 tons are held as part of broader corporate reserves.

Record prices limited some central bank activity earlier in the year, but the renewed rise in official buying indicates continued strategic interest. Private entities are now acquiring volumes once associated with medium-sized central banks, making them an increasingly visible share of global demand.

Tether’s accumulation does not signal liquidity concerns, forecast gold prices or represent a monetary policy decision. The purchases reflect corporate reserve management rather than national strategy.