According to Jefferies, Tether acquired 26 tons of gold in the second quarter and another 24 tons in the third quarter of 2025, providing almost 2% of global demand for the metal and 12% of the share of total purchases of all central banks in the world.
Jefferies reported that Tether’s total gold reserves reached 116 tons, which is comparable in volume to the state reserves of Greece, Hungary and South Korea. In total, the company has bought 86 tons of gold since October last year, and its physical volume has increased by 120%.
Jefferies analysts, citing anonymous sources familiar with Tether’s investment program, reported that the company may purchase about 100 more tons of gold before the end of the current fiscal year to replenish the reserve fund of stablecoins.
