Tether Gold reports 25.7 tonnes of backing at the end of September

Tether’s 4 November report puts the gold backing XAUT at roughly 827,418 fine troy ounces, worth $3.44 billion at 30 September. The physical reserve grew 59% from the end of 2025.

The figures concern Tether Gold, rather than the separate reserves supporting the dollar-linked USDT token. Each XAUT represents one fine troy ounce of allocated physical gold, according to the issuer. The metal is held in Switzerland.

The report distinguishes total tokens from tokens sold. Around 709,324 had been sold at quarter end, while roughly 118,094 remained available for sale. The headline reserve value therefore should not be mistaken for the value of customer-held tokens alone.

This is a newly published account of a past reporting date, not a live vault balance or today’s gold valuation. The token’s physical backing also does not make its dollar price fixed: its exposure is to gold, and issuance or redemption remains governed by the product’s terms.