Tether’s Gold Reserves Hit $23B, Becomes Largest Private Gold Holder Outside Governments

• Tether holds more than 140 tons of physical gold valued at about $23 billion.
• The gold is stored in a high-security former nuclear bunker in Switzerland.
• The holdings make Tether the largest known private gold owner outside banks and nation-states.

Leading stablecoin issuer Tether has accumulated more than 140 tons of physical gold worth about $23 billion. The issuer of the USDT stablecoin stores the reserves in one of the 370,000 former nuclear bunkers in Switzerland. 

Interestingly, the holdings make Tether the largest known gold holder among private institutions. The holdings, per Bloomberg, also exceed the official gold reserves of many smaller countries.

The scale of accumulation places Tether in a category traditionally occupied by sovereign states, central banks, and major exchange-traded funds. According to Tether CEO Paolo Ardoino, Tether’s approach to gold mirrors that of a central bank. The company values gold for its liquidity and its role as a reserve asset that carries no counterparty risk.

Gold Stored in Swiss Nuclear Bunker

The bullion is stored in a former nuclear bunker in Switzerland. The site was selected for its security, infrastructure, and long-term storage capabilities.

Switzerland remains one of the world’s most important hubs for gold refining and storage. Much of the world’s physical gold passes through the country before reaching final vault destinations.

Tether has not disclosed the exact location of the bunker, citing security reasons. The company has confirmed that the gold is held directly and not through third-party paper claims.

Steady Purchases Drive Accumulation

Tether has been steadily acquiring gold rather than making one-time purchases. Industry data and company disclosures suggest the firm has been buying between 1 and 2 tons of gold per week at certain times.

Over the past year, Tether’s total gold purchases surpassed those of nearly all individual central banks. Only a small number of governments reported higher net additions over the same period. 

The company reported purchasing 27 metric tons in the 4th quarter of 2025, 1 ton more than in Q3. In total, Tether purchased over 70 tons in 2025. For context, Poland’s central bank is currently the most active buyer among central banks, purchasing 35 tons in the fourth quarter and 102 tons in total to raise reserves to 550 tons.

“We are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders, and that carries real responsibility,” said Ardoino, in Tether’s statement.

Link to Digital Assets and Reserves

Tether issues USDT, the world’s largest stablecoin by market value, with $187 billion in tokens in circulation. The company also operates XAU₮, a gold-backed digital token,  worth $2.7 billion. Each XAU₮ token represents ownership of one troy ounce of physical gold.

While part of Tether’s gold holdings supports its gold-linked token, the majority of the metal comprises its broader corporate reserves. The company has stated that gold plays a role in diversifying assets backing its digital products. Tether’s reserves also include U.S. Treasury bills and cash equivalents.

Demand for Tokenized Gold Fuels Tether Purchase

On-chain tracker Lookonchain reported that several large investors recently withdrew millions of dollars’ worth of gold-linked tokens such as XAUT and PAXG from exchanges. This signals a shift by some investors away from Bitcoin and cryptocurrencies toward gold.

Interest in gold has surged in recent weeks amid economic uncertainty and geopolitical tensions. Spot gold has set record highs, driven by demand for safe-haven assets. As a result, Tether continues to accumulate physical gold to meet the equivalent demands for tokenized gold.

Growing Presence in the Gold Market

Beyond holding bullion, Tether has taken steps to expand its role in the gold sector. The company has hired experienced precious metals traders and explored opportunities in gold trading and logistics.

It has also disclosed investments in gold mining-related businesses, including stakes in royalty and mining companies based in Canada. These moves indicate a broader strategy to gain exposure across different parts of the gold supply chain.

Impact on Global Gold Dynamics

Large gold buyers can influence market conditions, especially during periods of strong investor demand. Central banks have been net buyers of gold in recent years, driven by currency concerns and geopolitical risks.

Tether’s emergence as a major private holder adds a new participant to that trend. Analysts note that while one company cannot control the market, sustained buying at this scale can affect supply availability.

Gold prices have been trading at record levels over the past few weeks amid strong institutional and official-sector demand. For context, Gold surged to a record high above $5,200 this week after a 64% gain in 2025. 

Related: Tether Freezes $182 Million In USDT Across Five Tron Wallets