Capital markets analyst The Kobeissi Letter said Wednesday that the cryptocurrency sector is becoming part of a "global gold rush," noting a significant increase in the reserves held by stablecoin issuer Tether (CRYPTO: USDT).
Tether: One Of Gold’s Biggest Buyers
In an X post, Kobeissi Letter noted that Tether’s gold holdings hit a record $12.9 billion in September, equal to 104 tons of actual gold. The value has more than doubled since the start of the year.
The markets commentator said that Tether has been accumulating gold at a rate of over one ton per week in 2025, making it one of the “biggest buyers” in the global market.
As of this writing, gold accounted for 7% of Tether’s total reserves that back USDT, the world’s largest stablecoin by market capitalization.
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Convergence Of Crypto And Gold?
Notably, Wall Street strategist Tom Lee suggested an “interesting” correlation between the rise in USDT supply and the rise in gold prices over the last three months.
Tether also uses gold to back its Tether Gold (CRYPTO: XAUT) stablecoin, with at least one troy ounce backing one XAUT token. As of this writing, XAUT tokens have a total market value of roughly $1.60 billion.
Earlier this year, the company announced its exploration of investments in the gold industry as part of its broader strategy to diversify profits from its cryptocurrency operations. The company has reportedly held discussions with mining groups and investment firms about opportunities across the gold supply chain.
Price Action: As of this writing, spot gold was trading at $4,216.85 per ounce, up 0.50% over the last 24 hours, according to data from Benzinga Pro. XAU traded up 2.23% at $4,197.
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