Gold: Tether flows reshape market structure – Societe Generale

FXStreet Insights Team FXStreet

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.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD stays offered, breaks below 1.1400…again

EUR/USD adds to Tuesday’s slight losses and drops below the 1.1400 yardstick in the latter part of Wednesday’s NA session. The pair’s decline comes in response to the persistent recovery in the US Dollar, which seems to have met extra support following the cautious tone from Fed’s Warsh in his comments at the ECB Forum.

Gold recovers but sellers hold the grip

Gold keeps the bullish performance in place on Wednesday, although is now giving away part of its earlier advance past the $4,100 mark per troy ounce. The precious metal’s marked rebound comes despite the US Dollar’s bid bias, higher US Treasury yields across the curve and positive headlines from the Middle East.

Dogecoin vs Shiba Inu: DOGE and SHIB start July with similar setups

The cryptocurrency market shows subtle signs of rebounding on Wednesday after facing intense headwinds over the past few weeks, largely attributed to geopolitical tensions, macroeconomic uncertainty and risk-averse sentiment. Dogecoin (DOGE) and Shiba Inu (SHIB) are holding above pivotal support levels at $0.0700 and $0.0000040, respectively, suggesting investors are ready to reengage.

Warsh stays on message as inflation remains the Fed's top priority

At the ECB Forum in Sintra, Fed Chair Kevin Warsh largely followed the script, offering little to change the market’s current view on monetary policy.

Just like Fed, is BoJ’s independence under threat?

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.