華爾街投行 Jefferies 估算，穩定幣發行商 Tether 至少持有 148 噸實體黃金，已躋身全球前 30 大黃金持有者。Jefferies 指出，Tether 在 2025 年末至 2026 年 1 月累計買入約 32 噸黃金，季度增持規模僅次於巴西與波蘭；依現有持倉，其黃金規模已超越澳洲、阿拉伯聯合大公國、卡達、韓國與希臘。相關黃金用於支撐 USDT 與 XAUT，其中 XAUT 供應增至約 71.2 萬枚，對應約 6 噸黃金。

Wall Street investment bank Jefferies estimates that stablecoin issuer Tether holds at least 148 tonnes of physical gold, placing it among the world’s top 30 gold holders. According to Jefferies, Tether bought approximately 32 tonnes of gold between late 2025 and January 2026, with quarterly purchases second only to Brazil and Poland. Its current gold holdings exceed those of Australia, the UAE, Qatar, South Korea, and Greece.

The gold backs USDT and XAUT, with XAUT supply rising to around 712,000 tokens, equivalent to about 6 tonnes of gold.