Key Takeaways Tether is buying gold at an institutional scale. It said it added 27 metric tons in Q4 2025. XAUT is still the category leader, but dominance is slipping. Year-end reporting shows full 1:1 backing, yet market share has tightened as tokenized gold expands. Stablecoin reserve stories are going “macro.” U.S. Treasuries remain the core, but gold is now large enough to shape how traders talk about USDT’s backing. Tether said Monday it added about 27 metric tons of gold in Q4 2025, extendi ...