Stablecoin giants are quietly rewriting the rules of the gold market.

Data shows that as of the end of September this year, Tether, the issuer of the world's largest stablecoin USDT, has stockpiled 116 tons of gold—worth nearly $14 billion. What does this number mean? Excluding central banks, among private institutions, Tether’s gold holdings can now compete with the official reserves of countries like South Korea and Hungary.

What’s even more interesting is the timeline. Gold prices have experienced two surges this year, rising by nearly $2,000 in total. During the second wave, Tether happened to accelerate its gold purchases—buying 26 tons in the third quarter alone, which accounts for 2% of total global gold demand and is equivalent to 12% of known central bank purchases. Is this a coincidence or are they a driving force? It’s worth pondering.

Tether’s aggressive gold hoarding may be paving the way for tokenized physical gold, as part of a long-term strategy. But there’s a potential risk: if demand for stablecoins suddenly collapses one day, how will such a large gold reserve be handled? The pressure will definitely be transmitted to the market.

The line between the crypto world and traditional safe-haven assets is becoming increasingly blurred. When investors turn to gold as a safe haven, they probably don’t realize that among the buyers driving up gold prices are actually cryptocurrency companies.