Stablecoin issuer Tether has officially become one of the world's top 30 gold holders, according to IMF data and a Jefferies report. As of the fourth quarter of 2025, Tether's physical gold reserves reached 520,089.35 ounces. The circulating supply of its gold-backed stablecoin XAUT matches this amount, comprising about 60% of the gold-backed stablecoin market supply.