USDT’s Backing Gets More 'Macro' as Tether Adds 27 Tons of Gold

Core Insights - Tether has significantly increased its gold holdings, adding approximately 27 metric tons in Q4 2025, as it shifts towards "hard" collateral amid rising gold prices [1][7] - The company is evolving into a macro allocator, reflecting a strategic shift in its approach to stablecoin reserves [2] Group 1: Gold Holdings and Strategy - Tether reported holding $12.9 billion in gold, equating to about 104 tons, which represented around 7% of its total reserves at the end of September 2025 [3] - The Tether Gold (XAUT) token is part of Tether's strategy to enhance credibility, operating alongside sovereign gold holders and aiming to instill confidence in monetary systems [4] Group 2: Market Position and Competition - As of December 2025, XAUT accounted for approximately 60% of the global gold-backed stablecoin market, with 16.2 tons of gold backing the token [6] - Despite being the leader in the category, Tether's dominance in the tokenized gold market is decreasing as competition intensifies and market share narrows [6][7]