Tether’s Gold Accumulation Reshapes Market Dynamics
Tether now holds 116 tons of physical gold, a reserve comparable to national holdings of South Korea, Hungary, and Greece. The stablecoin issuer accounted for 2% of global Gold demand last quarter—a buying spree that tightened physical supply and amplified price momentum.
Jefferies analysts note Tether's activity may have contributed more to gold's rally than previously recognized. The firm's purchases represented 12% of central bank demand last quarter, giving it outsized influence in a market traditionally dominated by sovereign institutions.
With plans to acquire 100 additional tons in 2025, Tether is emerging as a non-state actor with central bank-level market impact. This unprecedented private accumulation raises questions about commodity market stability as crypto-native capital floods traditional stores of value.
