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.)