Founded in 1962, the New York-based investment bank Jefferies advised governments, corporations, and institutional investors through inflation cycles, commodity booms, and financial crises.
That history is what makes its latest observation stand out.
In a recent report , Jefferies analysts noted an unexpected surge in physical gold buying by a non-sovereign entity, at a pace that now rivals national central banks.
Related: Gold giant becomes major buyer of U.S. debt
According to the analysts, roughly 32 tonnes of physical gold were accumulated in late 2025 and January 2026 alone, placing the buyer among the most aggressive purchasers of bullion globally during that period. Only Brazil and Poland, both sovereign nations, were estimated to have bought more over the same timeframe.
In total, Jefferies estimates the entity now controls at least 148 tonnes of gold, valued at approximately $23 billion, enough to rank within the top 30 gold holders worldwide, surpassing several mid-sized countries.
Why the buying matters now
Gold has been in a historic rally, recently crossing $5,500 per ounce and rising nearly 50% since September, driven by central bank demand, rising long-term bond yields, and growing efforts to reduce reliance on the U.S. dollar.
Jefferies analysts framed the accumulation as part of a broader shift in how large pools of capital are positioning for long-term monetary uncertainty.
At this scale, gold purchases are no longer about short-term hedging. They signal balance-sheet strategy.
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Who is buying?
Tether , the privately held company best known for issuing the world's largest U.S. dollar–pegged stablecoin.
Tether's gold holdings serve two purposes. They back both its dollar stablecoin reserves and its gold-backed digital token, while also acting as a long-term investment allocation. Because the company is privately held, Jefferies stressed that its estimates likely represent a minimum level of exposure, with additional gold potentially held outside disclosed reserves.
As of year-end 2025, Tether reported approximately 126 tonnes of gold in its reserves, valued near $17 billion, with further accumulation continuing into January. Its gold-backed token supply has also expanded, adding several additional tonnes of physical backing.
Tether (USDT) remains the dominant stablecoin with a market cap of roughly $185 billion, according to CoinGecko data .
The total stablecoin market is valued at about $310 billion, down 0.2% over the past 24 hours. USDT alone accounts for nearly 60% of the entire stablecoin market, far outpacing competitors such as USDC and DAI.
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A different kind of gold buyer
What sets this buyer apart, Jefferies noted, is not just the size of the holdings, but the structure behind them.
Unlike central banks, which hold gold for monetary policy and currency credibility, or traditional funds that use bullion as a portfolio hedge, this accumulation is tied to digital financial infrastructure — stablecoins, tokenized assets, and cross-border payments.
Tether CEO Paolo Ardoino recently disclosed plans to allocate 10% to 15% of the company's investment portfolio to physical gold, formalizing a strategy that had already been underway for several years.
This story was originally published by TheStreet on Feb 9, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
