Gold soared to unprecedented heights, hitting $5,300 per ounce, driven by a confluence of factors including aggressive accumulation by Tether and increased accessibility through Coinbase's futures offerings. This surge reflects a growing intersection between the crypto and precious metals markets, fueled by shared concerns about government debt and a desire for stable, alternative assets.
Tether, the stablecoin issuer, has emerged as a major player in the gold market, rivaling central banks in its acquisition pace. In the fourth quarter of 2025, Tether acquired 27 metric tons of gold, valued at $4.4 billion, to diversify its USDT reserves. This purchase, adhering to the London Bullion Market Association (LBMA) Good Delivery standards, signals a strategic shift towards traditional safe-haven assets within the digital finance space. CEO Paolo Ardoino stated that Tether now holds around 140 tons of gold, worth $23 billion at current market prices. The company has been accumulating more than a ton of gold every week and stores its bullion in a former nuclear bunker in Switzerland. Tether's gold holdings surpass those of nations like Greece and Australia, positioning it among the top 30 global holders. Tether's increasing gold reserves also support its gold-backed stablecoin XAUT, which has seen its value increase. Tether Gold accounts for about 60% of the total supply of gold-backed stablecoins.
This accumulation is funded by profits generated from backing USDT with interest-bearing assets like US Treasury bills. Unlike sovereign buyers, Tether's gold purchases are not driven by monetary policy but by a desire to offer a hedge against fiat debasement and counterparty risk. Tether's CEO has even described the company's role in the gold market as similar to that of a central bank.
Adding to the bullish sentiment, Coinbase Derivatives became the first CFTC-regulated derivatives exchange to offer 24/7 trading for margined futures contracts in May 2025. This move has increased accessibility for both retail and institutional investors to participate in the gold market, further driving demand.
Gold's ascent has been building throughout 2025 and into 2026. Spot gold rose 18% year-to-date in 2026, adding to a 64% gain in 2025. The combination of macroeconomic uncertainty, strong institutional demand, and the entrance of crypto firms like Tether has propelled gold prices through successive psychological thresholds, ultimately reaching the $5,300 mark. Goldman Sachs Research forecasts a further 6% rise in gold prices through mid-2026, supported by continued financial institution demand.
The rise of companies like Tether in the gold market signals a broader shift in the global financial landscape. By combining the stability of physical gold with the efficiency and transparency of blockchain technology, these firms are attracting both traditional and digital-native investors. The long-term implications of this convergence remain to be seen, but it's clear that gold's role as a safe-haven asset is being reinforced by its integration with the cryptocurrency ecosystem.
