Besides central banks and ETFs, stablecoin giant Tether is also becoming an indispensable "hidden buyer" in the gold market, driving this round of gold price surge.

To date, Tether has accumulated approximately 140 tons of physical gold, exceeding the holdings of several sovereign nations and ranking among the world's top 30 gold holders. In 2025 alone, Tether purchased over 70 tons of gold, becoming one of the world's top three gold buyers and providing substantial support for gold prices.

Tether's ambitions extend far beyond simply hoarding gold: from investing in gold mining and building a gold trading team to launching the gold stablecoin XAU₮, it is attempting to create a complete chain from physical gold to financial products.

Supporting this high-stakes gamble is the super cash flow system built by USDT. In 2025, Tether's net profit was approximately $15 billion. At the same time, it heavily invested in US Treasury bonds, Bitcoin, and gold. An arbitrage machine spanning the traditional financial and crypto worlds has gradually taken shape, continuously supplying Tether with capital ammunition and becoming the chips for its massive bets.