MV Capital | Tether Gold Reserves Hit Record $3.44 Billion as Physical Holdings Grow 59%

Tether Gold reserves expanded to 25.7 metric tonnes by the end of September 2026, representing a 59% increase from year-end 2025 levels and a market value of $3.44 billion

Record Growth in Tokenized Gold Backing

Tether Gold, the largest tokenized gold product by market capitalization, saw its physical reserves climb sharply during the third quarter of 2026. The holdings reached 827,418 fine troy ounces as of September 30, equivalent to approximately 25.7 metric tonnes. This marked a 59% rise from the 520,089 ounces reported at the close of 2025.

At the prevailing gold price of $4,157.41 per ounce on that date, the reserves were valued at $3.44 billion, up 53% from the $2.25 billion recorded at year-end 2025. Each XAU₮ token is backed 1:1 by one troy ounce of physical gold stored in Swiss vaults that satisfy London Good Delivery standards.

Circulation of the token stood at 827,417.63 units, with 709,323.66 tokens sold and 118,093.97 remaining available. The inventory includes 2,057 bars of 12.5 kilograms each, plus smaller denominations, with 766 bars added this year alone. The gold is owned by token holders and remains fully allocated with verifiable serial numbers, purity, and weight.

Key Metrics at September 30, 2026Total physical gold reserves: 827,417.630 fine troy ounces
XAU₮ tokens in circulation: 827,417.630
Gold backing: 1:1
Market value: $3.44 billion
Tokens sold: 709,323.660
Tokens available: 118,093.970

Continued Investor Demand Amid Market Volatility

Despite significant price swings for gold during the first nine months of 2026, holders added more than nine tonnes of physical equivalent since January. This expansion highlights sustained long-term interest in tokenized gold rather than responses to short-term fluctuations.

The reserves grew from 1,291 bars at the start of the year to 2,057 by quarter-end. Every quarter, an independent third party samples bars to confirm refinery data, maintaining strict oversight and transparency.

Strategic Expansion of Access and Reach

Tether has broadened availability of XAU₮ beyond core platforms. In August, Indian exchange CoinDCX began offering trading and a recurring investment plan starting at ₹100, allowing users easier entry to tokenized gold exposure. The company also filed trademark applications in South Korea for its name, logo, and token, positioning for potential regulatory developments in the region.

These moves align with Tether’s push to provide seamless, verifiable ownership of physical bullion through digital assets while preserving liquidity and portability.

Chief Executive Outlook on Digital Gold

For thousands of years, owning gold meant trusting someone else to hold it. XAU₮ changes that. Every token is tied to real bars that anyone can verify, and this year holders added more than 9 tonnes in holdings through a volatile market. The World Gold Council estimates digital gold could unlock US$700 billion in demand. We expect XAU₮ to capture a large share of it.Paolo Ardoino, CEO of Tether

Tether Gold continues to lead in the tokenized real-world asset space through its regulated issuance framework, Swiss vault storage, and on-chain confirmability. The product gives token holders direct exposure to physical gold while supporting easy transfers and global usability.

Broader Context Within Tether’s Operations

These developments occur alongside Tether’s third-quarter financial results, which included $1.5 billion in net operating profit and a reserve buffer approaching $8 billion. The focus on XAU₮ underscores the company’s strategy of offering stablecoin alternatives backed by physical commodities amid evolving digital asset markets.