Tether expanded its gold reserves sharply in the third quarter of 2025, buying more than 26 tonnes and outpacing every central bank worldwide. The scale of its purchases exceeded Kazakhstan’s 18 tonnes, Brazil’s 15 tonnes and Turkey’s 7 tonnes, giving the stablecoin issuer roughly 12% of all central bank gold buying and about 2% of global demand.
The company accelerated its accumulation following a strong second quarter, when it added 24 tonnes, surpassing Poland’s and Kazakhstan’s official purchases in that period. These acquisitions increased Tether’s total gold holdings to a record 116 tonnes, positioning it as the world’s largest gold owner outside of central banks.
The shift highlights how digital-asset firms are emerging as new participants in the physical gold market, competing alongside sovereign buyers amid sustained demand for safe-haven assets.