JPMorgan: Tether's Gold Holdings Have Appreciated by Over $5 Billion, Making It the Largest Non-Bank Holder of Gold

BlockBeats News, January 28th, according to the Financial Times, as the price of gold hits a record high, the world's largest stablecoin company Tether's gold holdings have appreciated by over $5 billion.

Based on Tether's disclosed data, Jefferies Group estimates that by the end of September, Tether held about 116 tons of gold, valued at around $14.4 billion at that time. At the end of September last year, the gold price was $3,858 per ounce, but driven by increasing geopolitical uncertainties and investors flocking to safe-haven assets, it has now soared to over $5,200, meaning Tether has realized over $5 billion in gains on this part of its holdings.

This week, Tether stated that in the fourth quarter of last year, it further purchased 27 tons of gold for its gold-backed stablecoin, and just this year, this additional holding has appreciated by at least $700 million.

Tether's current total gold holdings are valued at around $24 billion, making it one of the biggest beneficiaries in this round of the gold price surge. According to the World Gold Council data, Tether has become one of the entities with the highest gold holdings globally, with its gold reserves comparable to that of the Qatar Central Bank (the UK's gold reserves are at 310 tons). Jefferies analysts wrote in a report in November: "Tether is the largest non-central bank holder of gold, with its holdings comparable to smaller central banks such as South Korea, Hungary, and Greece."

BlockBeats Note: The figures given in the report are only very conservative estimates. Tether explicitly disclosed in Q3 2025 that it added 26 tons of gold to its holdings, holding 116 tons of gold at that time. This means that the company already held 90 tons of gold before Q3, and this part of the holdings did not clearly disclose the purchase time and cost. The "over $5 billion" in the Jefferies report is also calculated based only on Q3 holdings. Tether also added 27 tons of gold in Q4. Recently, CEO Paolo Ardoino stated that the company is currently purchasing 1 to 2 tons of gold per week and will maintain this pace in the "coming months."