Tether Gold captures majority share of expanding tokenised bullion market

Tether’s XAU₮ token now accounts for around 60 per cent of the gold-backed stablecoin market, following a sharp rise in demand that pushed the sector past US$4bn in 2025, according to data released by the company and confirmed in a fourth-quarter attestation.

The report, issued by TG Commodities, S.A. de C.V., a registered stablecoin issuer under El Salvador’s Digital Asset Issuance Law, detailed that gold-backed stablecoins grew from approximately US$1.3bn to over US$4bn during the year.

The firm attributed the growth to record-high gold prices, geopolitical fragmentation, and increased institutional and digital-native demand for on-chain safe-haven assets.

Spot gold prices had exceeded US$5,000 per ounce in the days preceding the attestation’s completion, the report noted. As of year-end, Tether’s physical gold reserves stood at 520,089.350 fine troy ounces, backing an identical number of XAU₮ tokens in circulation on a one-to-one basis.

The total market value of these reserves was listed as US$2.25bn, with 409,217.64 tokens sold and 110,871.66 available for sale. All reserves are held in Switzerland and meet London Good Delivery standards, the filing said.

Tether has emerged as a significant institutional gold holder. Citing data from the International Monetary Fund and a late-2025 report from Jefferies, the company said it now ranks among the top 30 global gold holders, having added roughly 27 metric tonnes of bullion to its fund exposure in the fourth quarter alone.

“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,” said Paolo Ardoino, Chief Executive of Tether.

Related reading

• Tezos Tallinn cuts block time to 6 seconds
• Republic Europe unveils retail vehicle for indirect exposure to Kraken equity
• Stripe expands Japan payments with PayPay and instalments

“XAU₮ exists to remove ambiguity at a time when confidence in monetary systems is weakening and it is being put through a pressure test by both institutions and people. Every token represents physically held, vaulted gold that can be verified on-chain.”

The company said Tether Gold offers daily transparency updates, regulated issuance under El Salvadoran law, and fully allocated Swiss-vaulted reserves. Investors were directed to the latest XAU₮ attestation report for complete disclosures.

The Recap

• Tether Gold makes up approximately 60 percent of supply.
• XAU₮ tokens in circulation total 520,089.300000 XAU₮ at quarter end.
• Attestation lists total market value as US$ 2,246,458,120 at quarter end.