Gold surpassed $5,300 per ounce, reaching an all-time high on January 28. Meanwhile, Tether became one of the largest holders of gold bars, ranking highly and exceeding the reserve capacity of several countries.
Gold reached an all-time high of $5,311 per ounce, triggering a surge in confidence in Tether, one of the world’s largest gold holders. Company reports indicate that purchases by a stablecoin issuer have increased market demand and further boosted the price.
Tether has significantly increased its physical gold reserves over the past year and since the beginning of 2026. Data released by the company shows that 27 tons were added in the last quarter of 2025, bringing the total gold reserves to 140 tons.
The company separates the gold backing its token, XAUT, from general treasury reserves and stores the metal in Swiss vaults under London Good Delivery standards.
This scale places Tether among the leading non-sovereign gold holders and creates a substantial source of private demand for the bullion market. At the end of 2025, the firm estimated that it held around $12 billion in gold, while it is currently estimated to hold $22 billion, surpassing several countries.
Coinbase expands access to metal derivatives
On the other hand, Coinbase has been promoting futures contracts for gold, silver, copper, and platinum on its platform, seeking to offer users regulated access to these commodities.
In this way, incorporating commodity futures into a significant crypto space reduces the gap between traditional markets and digital asset infrastructure. For traders, it creates new avenues to express opinions about bullion without dealing with custody. For the market as a whole, it channels trading flows toward instruments that can amplify price movements during periods of high demand or dollar weakness.
The data cited in the coverage indicates that the XAUT token now represents approximately 60% of the tokenized gold market with a market capitalization of nearly $2.7 billion.
Investors and market participants will be watching the upcoming quarterly reserve disclosures and futures settlement cycles for signals on whether Tether is sustaining its accumulation and how derivatives volumes are responding.
