According to ChainCatcher news, reported by CoinDesk, investment bank Jefferies' latest report indicates that stablecoin giant Tether has quietly become one of the most influential new buyers in the gold market.
The report estimates that Tether currently holds at least 116 tons of gold, of which 12 tons support its XAUt stablecoin (valued at approximately $1.57 billion), and about 104 tons support USDT (valued at approximately $13.67 billion), making it the largest non-sovereign gold holder in the world, comparable in scale to small central banks. In just the third quarter, it increased its holdings by about 26 tons, equivalent to 2% of global demand.
Analysts point out that with the growth of USDT and Tether CEO Paolo Ardoino predicting profits to reach 15 billion dollars in 2025, the company may continue to increase its gold reserves. This year, gold prices have risen by more than 50%, currently trading at around 4080 dollars/ounce.
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