JPMorgan: Tether's Gold Holdings Have Appreciated by Over $5 Billion, Making It the Largest Non-Bank Holder of Gold

On January 28, the Financial Times reported that as gold prices hit a record high, Tether—the world’s largest stablecoin issuer—has seen its gold holdings appreciate by more than $5 billion. Using data disclosed by Tether, Jefferies Group estimates the firm held roughly 116 metric tons of gold as of the end of September, worth approximately $14.4 billion at the time. Gold traded at $3,858 per ounce at the end of last September, but has since surged to over $5,200 amid rising geopolitical uncertainties and investors flocking to safe-haven assets. That means Tether has booked more than $5 billion in gains on these holdings. This week, Tether noted it purchased an additional 27 metric tons of gold for its gold-backed stablecoin in the fourth quarter of last year. This extra holding has already appreciated by at least $700 million so far this year. Tether’s current total gold holdings are valued at roughly $24 billion, making it one of the biggest winners in the latest gold price rally. Data from the World Gold Council shows Tether is now among the entities with the largest gold holdings globally—its reserves are on par with those of the Qatar Central Bank (the UK holds 310 metric tons of gold). In a November report, Jefferies analysts wrote: “Tether is the largest non-central bank holder of gold, with holdings comparable to smaller central banks like South Korea, Hungary, and Greece.” BlockBeats Note: The figures in the report are conservative estimates. Tether explicitly disclosed in Q3 2025 that it added 26 metric tons of gold, bringing its total at the time to 116 tons. This implies the firm already held 90 tons prior to Q3, with no clear disclosure of when those tons were purchased or their cost. The “over $5 billion” figure from Jefferies only accounts for Q3 holdings. Tether also added 27 tons in Q4. Recently, CEO Paolo Ardoino said the firm is currently buying 1 to 2 metric tons of gold weekly and will keep up this pace in the “coming months.”