Tether amasses more than $23 billion in gold as its buying eclipses nation states, according to Jefferies.

Tether, the issuer of the USDT stablecoin, has accumulated at least 148 tonnes of physical gold, placing it among the world’s top 30 holders of bullion and ahead of several sovereign nations, according to a report released Sunday by Wall Street investment bank Jefferies.

The analysts estimate Tether’s gold reserves were valued at about $23 billion as of Jan. 31, after the company purchased roughly 26 tonnes in the fourth quarter of 2025 and added another 6 tonnes in January. The scale of the buying makes Tether one of the largest non-sovereign gold holders globally.

Jefferies said Tether’s quarterly purchases exceeded those of most individual central banks, with only Poland and Brazil acquiring more gold over the period. At current levels, the firm’s holdings surpass those of countries including Australia, the United Arab Emirates, Qatar, South Korea and Greece.

The bullion serves as reserve backing for both Tether’s U.S. dollar-pegged stablecoin USDT and its gold-backed token, XAUT. However, because Tether is privately held, Jefferies noted the figures likely represent a minimum estimate of its total gold exposure, with additional undisclosed holdings possible.

According to USDT’s fourth-quarter attestation, about $17 billion of gold—equivalent to 126 tonnes at year-end prices—was included in reserves. Separately, the supply of XAUT rose to 712,000 tokens worth roughly $3.2 billion by the end of January, reflecting an additional 6 tonnes of gold backing the token.

Tether CEO Paolo Ardoino has previously said demand for XAUT has been strongest among retail investors in emerging markets.

The accumulation coincides with a sharp rally in gold prices, which surged past $5,000 per ounce last month and have climbed nearly 50% since September, driven by strong central bank demand, rising long-term bond yields and investor efforts to reduce exposure to the U.S. dollar.

Jefferies said the buying spree could continue. Ardoino has indicated Tether plans to allocate 10% to 15% of its investment portfolio to physical gold, reinforcing a strategy that has been developing over several years.

Tether’s investment portfolio was valued at around $20 billion at the end of last year, according to CoinDesk.