Tether’s 116-ton gold hoard rivals reserves of Korea and Hungary: Jefferies
Tether accounted for nearly 2% of global gold demand last quarter, with Jefferies noting that its aggressive buying may be influencing short-term market sentiment.
Stablecoin issuer Tether holds 116 tonnes of physical gold, placing it on par with central banks such as those in South Korea, Hungary and Greece.
Tether is “the largest holder of gold outside central banks,” Jefferies wrote in a recent analysis, per a report by the Financial Times. The banking giant added that Tether’s growing appetite for gold may be playing a far larger role in the metal’s recent surge than previously assumed.
According to Jefferies, Tether’s gold purchases last quarter accounted for nearly 2% of total global gold demand and almost 12% of central bank purchases. The firm said that Tether’s aggressive accumulation over the past two months “is likely to have tightened supply in the short term and influenced sentiment,” potentially driving speculative inflows into gold markets.