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

By: theblockbeats.news|2026/01/28 16:00:23

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."

-- Price

Peeling back its smooth trading interface to examine the underlying legal relationships and settlement processes, you will find that this is far from a simple "RWA asset revolution," but rather a complex game of interests involving spot pricing, rights ownership, and the monopoly of underlying custo...

In such a crowded cross-border payment arena, where is the next stop for the future?

Only by stepping into the mud can one have the chance to touch gold.

Why Is Bitcoin Down in 2026? What We Can Learn From 2022

Why is Bitcoin down in 2026? Bitcoin has just recorded its worst first half since 2022, with back-to-back quarterly losses, record ETF outflows, and extreme fear. Here's what history says, how 2026 differs from the last bear market, and the three signals traders should wat

The large models in the United States are moving towards closure in the name of security

The government successfully inserted itself as an approver between commercial AI models and their users for the first time.

From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework

Give up on heavily investing in Nvidia's "nine major bottlenecks"! This article analyzes the underlying logic behind top AI investors making billions: physical infrastructure such as electricity, HBM, and optical interconnects are the true keys to wealth in AI hardware.

Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion

Overview of Important Market Events on June 25

Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet

The trusted AI prediction ecosystem Manadia, which has secured $7 million in funding from well-known institutions like OKX, will globally launch in June. The core token UMXM has already been listed on multiple mainstream platforms, inviting you to seize the new blue ocean of the trillion-level predi...

Argentina vs Cape Verde: When a Record-Breaking Legend Meets an Unbreakable Underdog

How does Gate redo "buying and selling stocks" from the cryptocurrency world to the stock market?

The competition logic of exchanges has changed.

Former ByteDance employee's account: How I started with two Pinduoduo hard drives and made six times the profit with Seagate to achieve financial freedom?

Visa and Mastercard join 140 giants to launch a new stablecoin, but the impact on the market landscape may still be limited

WEEX Launches Depth Chart for Spot Trading

WEEX Spot now supports Depth Chart, helping users visualize buy and sell orders, spot liquidity walls, and understand market depth more clearly before placing trades.

MiCA reshuffle begins, Binance temporarily bids farewell to the EU

What Binance leaves behind is not scattered retail investors, but a whole batch of high-value users who are forced to liquidate and have almost nowhere to go.