Tether has quietly built one of the world’s largest private gold stockpiles, amassing at least 148 tonnes of bullion and vaulting into the top 30 global holders, according to a report released Sunday by Wall Street investment bank Jefferies.

The stablecoin issuer’s gold reserves were valued at roughly $23 billion as of Jan. 31, after purchases of about 26 tonnes in the fourth quarter of 2025 and a further 6 tonnes in January. The pace of buying has put Tether ahead of most individual central banks, trailing only Poland and Brazil during the period, the analysts said.

At current levels, Tether’s holdings exceed those of several countries, including Australia, the United Arab Emirates, Qatar, South Korea and Greece, underscoring the firm’s emergence as one of the largest non-sovereign owners of gold.

The bullion serves as reserve backing for both Tether’s U.S. dollar-pegged stablecoin, USDT, and its gold-linked token, XAUT. Because Tether is privately held, Jefferies cautioned the figures represent a minimum estimate, with the possibility of additional, undisclosed gold held on the company’s balance sheet.

Disclosures show that about $17 billion of gold, equivalent to 126 tonnes at year-end prices, was included in USDT reserves at the end of the fourth quarter. Separately, the supply of XAUT expanded 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 said demand for XAUT has been strongest among retail investors in emerging markets.

The accumulation coincided with a historic rally in gold prices, which surged past $5,000 per ounce last month and have climbed nearly 50% since September. Analysts point to strong central bank demand, rising long-term bond yields and growing efforts to diversify away from the U.S. dollar as key drivers of the move.

Jefferies said Tether’s gold buying is likely to continue, citing Ardoino’s stated plan to allocate 10% to 15% of the firm’s investment portfolio to physical gold. Tether’s investment portfolio was valued at about $20 billion at the end of last year, CoinDesk reported.