Tether now holds 116 tonnes of gold, a quantity comparable to the official reserves of South Korea, Hungary and Greece.

Reported volumes and market share

The Financial Times, citing Jefferies, states that Tether's purchases over the quarter equated to almost 2% of global gold demand and about 12% of central banks' buying.

Analysts cited in the report highlight that the rate of accumulation by the issuer has influenced near-term demand metrics and the composition of institutional purchases.

Tokenized gold and reserve growth

Tether has focused on tokenized gold products and expanded issuance of its bullion‑backed token, known as XAUt, over the past six months.

The supply of XAUt nearly doubled in that period, while the company's reserves grew by more than 275,000 ounces of physical metal to support the additional tokens.

Key figures

• Holdings: 116 tonnes of gold held by Tether.
• Quarterly market impact: ~2% of global demand.
• Central bank share: ~12% of central bank purchases for the quarter.
• Reserve additions: more than 275,000 ounces added to back XAUt issuance.

According to the FT report with reference to Jefferies, the issuer's strategy centers on expanding tokenized gold offerings while maintaining physical reserves to underpin those tokens.