Tether’s Gold Hunger: A 27-Ton Gamble Exposed

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Under the gray yawning sky of late 2025, a machine moves through the markets like a stubborn ox: Tether. Not a man with a plan, but a ledger that gnaws at the bone of uncertainty. The world’s largest stablecoin issuer pressed its thirst for gold, adding 27 metric tons in Q4 2025, as the transparency report reveals.

This was nearly the same haul as in Q3, a stubborn echo that rubs the jaw a little: a year of buying that rivaled the appetite of central banks, as gold climbed to new summits and broke the old, polite thresholds. The metal’s mood is bold; the mood of the markets, perhaps, is fatigued and amused in equal measure.

In 2025, gold posted a 64% gain and is up another 17% so far in 2026, crossing the $5000 mark for the first time, as if the numbers themselves were learned by heart and decided to shout them aloud.

This explosive run has also fueled the fever for tokenized gold, with the Tether gold [XAUT] market supply swelling more than threefold-from $600 million to $1.8 billion by the end of 2025. A tidy little rise, if you enjoy watching markets juggle silver and silicon in one breath.

In early 2026, Tether Gold’s market cap rose to $2.24 billion, up 26% in January alone, a number that makes investors nod like impatient parrots. The firm’s aggressive push to back XAUT tokens on a 1:1 basis has become the script the report notes-practical, almost respectable, if you forget the wild coffee-fueled mornings that started it all.

Commenting on the report, Tether’s CEO Paolo Ardoino said,

“Through Tether Gold, we are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders, and that carries real responsibility.”

Ardoino added that XAUT exists to ‘remove ambiguity’ as confidence in monetary systems weakens and is put to a stress test by institutions and people. A bold claim, delivered with the casual smile of a man who knows his numbers and his nerves.

Tether’s share in tokenized gold market drops

That said, the tokenized gold boom has also shaved nearly 10% from Tether’s market share. CoinGecko data shows Tether gold once commanded nearly 60% market dominance as of November 2026, a crown that sits a bit lopsided on a shifting head.

Yet in early 2026, Tether Gold’s share had slid to 50% ($2.6 billion), while Pax Gold held a 40% stake. The crowd shifts; the stage grows crowded; the clamor continues.

Kinesis Gold has emerged as the rising thorn in this side, gnawing away at market share from the shadows. Its dominance rose from zero in November to nearly 8% by early 2026, a feat that would make any ledger blush with envy.

Meanwhile, the tokenized gold market has surpassed $5.2 billion and could grow further if geopolitical tensions and macro uncertainty push physical gold prices higher. The world loves a good drama, and the drama loves gold.

Final Thoughts

  • Tether added 27 tons of gold in Q4 2025, nearly the same amount bought in Q3, as the commodity extends its bull run into 2026.
  • However, Tether Gold has lost 10% of its market share amid the tokenized gold boom

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2026-01-27 13:51