Gold: Tether flows reshape market structure – Societe Generale
|Societe Generale analysts Michael Haigh, Ben Hoff and Jeremy Sellem highlight how Tether’s expanding Gold holdings have become a major force in the Gold market. They stress that Tether’s flows can rival or exceed those of ETFs and some central banks.
Tether's impact on gold market dynamics
"Recently, Tether released its audited Q4 2025 gold‑holding figures (with a one-month lag) and inflows remain very strong yet again."
"In the last quarter, Tether’s accumulated gold under management reached 125 tonnes, which would make it the 36th‑largest “central bank” based on the World Gold Council’s (WGC) ranking of the top 100 holders even though Tether is obviously not part of the official sector. In terms of flows in Q425, only two central banks purchased more gold than Tether (Poland and Brazil)."
"With 125 tonnes of gold, as of Q425, Tether would rank as the 8th‑largest ETF globally in terms of tonnage held—despite not being an ETF at all, but a digital‑asset issuer. Its rise underscores the rapid pace at which Tether has become a major player in global gold markets."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.