Tether holds 116 tons of gold, equivalent to the reserves of the central banks of South Korea and Hungary.

According to ChainCatcher, a Jefferies analyst report shows that stablecoin issuer Tether currently holds 116 tons of physical gold, making it "the largest holder of gold outside of central banks," with reserves comparable to the central banks of countries such as South Korea, Hungary, and Greece.

In the last quarter, Tether's gold purchases accounted for nearly 2% of global gold demand and nearly 12% of central bank purchases. Its aggressive acquisition activity may have affected short-term market supply and investor sentiment. Investors cited by Jefferies believe that Tether plans to acquire another 100 tons of gold in 2025. With an expected profit of $1.5 billion this year, this goal seems within reach.

In addition, Tether has invested over $300 million in precious metals producers and has issued the gold-backed token Tether Gold (XAUt), which now has a market capitalization of $2.1 billion, with issuance doubling in the past six months.