Investment bank Jefferies report: Tether becomes a major new buyer of gold, dominating the recent surge in gold prices

According to Cryptopolitan, investment bank Jefferies stated on Thursday that Tether is a major new buyer of gold and a key reason for the recent surge in gold prices, as traditional factors are no longer the main drivers affecting gold prices. The report reveals that verified data and on-chain activity show that Tether has accumulated a large amount of gold in recent months, tightening gold supply and driving up precious metal prices. Investors have disclosed to Jefferies that Tether plans to purchase about 100 tons of gold this year, and its CEO Paolo Ardoino has publicly stated that the company will increase its gold reserves, expecting gold prices to soar to $1,000 per ounce.

According to an analyst team led by Andrew Moss, as of the end of the third quarter, Tether holds about 116 tons of gold. They also revealed that the company has 12 tons of gold backing its XAUt tokens (worth approximately $1.57 billion), and about 104 tons of gold backing its stablecoin USDT (worth approximately $13.67 billion). Jefferies pointed out that Tether continues to ramp up its gold accumulation, having added about 26 tons in just the third quarter, which accounts for about 2% of global gold demand in that quarter. With business expansion, gold is expected to make up about 7% of its reserves. If half of Ardoino's projected $1.5 billion profit for 2025 is invested in gold, nearly 60 tons could be added each year.