Tether, a US-based cryptocurrency company, has emerged as a major gold holder with ~168 tonnes (~$21.8 billion), rapidly accumulating reserves especially in 2025–2026 by allocating 10-15% of investment portfolio to bullion. Using USDT stablecoin flows and US Treasury yield spreads to fund gold purchases, Tether is outpacing most central banks in annual acquisition, signaling that gold demand is shifting beyond traditional finance into digital financial networks and potentially establishing a structural price floor.