When we think of gold and the big players, we may picture institutions in London, governments in Washington, or banks in the Middle East. They are all major forces in the gold bullion game, no doubt. However, the biggest private holder outside central banks now appears to be Tether Gold, the tokenised gold asset from the stablecoin giant Tether.
Known as a dominant player in the USD stablecoin arena with its USDT, Tether has amassed 116 tonnes of physical gold bullion in Swiss vaults as of late November 2025, valued at around $15.5 billion at spot prices above $4,165 per ounce.
To be precise on the backing: this breaks down to 104 tonnes allocated to shore up USDT’s $184 billion reserves (where gold forms about 5.4% of the mix alongside Treasuries and cash), plus 12 tonnes dedicated one-for-one to underwrite XAUt tokens, each redeemable for a troy ounce of physical bullion. This vaults Tether ahead of every other private entity, from mining firms to billionaire bunkers, making it the largest non-sovereign, corporate gold holder globally, and even rivalling smaller national reserves like those of South Korea or Greece.
Tether bought 26 tonnes in Q3 alone, outpacing central bank buyers such as Kazakhstan and Brazil that quarter, and accounting for nearly 2% of total global gold demand. Most of this hoard was snapped up in 2025 amid gold’s record 56% surge, driven by economic jitters, inflation fears, and a flight from fiat currencies. Analysts at Jefferies reckon Tether could grab another 100 tonnes before 2026 kicks in, further cementing its grip.
It is a remarkable and unexpected crown for a crypto outfit to claim, but it underscores the raw power of decentralisation. Plus, it highlights the surging utility and demand for tokenised assets, with exchanges morphing into the new pawn shops for anyone keen to stash a few kilos of gold as a timeless store of value.
A notable alternative in the tokenised gold market is Pax Gold (PAXG), issued by Paxos and backed on a one-to-one basis by physical ounces held in LBMA-accredited vaults. You can read more about PAXG “here”
Those interested in acquiring PAXG may do so through the Moneybrain Corporate App, a professional-grade exchange and wallet, designed to facilitate seamless transitions between fiat and digital assets.