Cryptocurrency Tether has been buying and hoarding gold in recent months. Tether has admitted to buying nearly 27 metric tons of gold in the fourth quarter of 2025.

Market experts had pointed out that 26 metric tons were bought in the third quarter as well. This incident can also be used to speculate on why the price of gold has increased dramatically in the international market.

Tether has claimed that it has increased its gold reserves to diversify its investments and to reassure buyers of its stablecoin. Critics say that this activity is contrary to the characteristics of cryptocurrency. Critics argue that it is not appropriate for companies that have established a new money market to accumulate gold in this way, disagreeing with the system of storing gold in central banks and issuing traditional currency based on it.

According to Reuters, the main reason for the rise in gold prices by 64 percent last year and 17 percent this year is the measure to protect investments. Tether, which has an estimated market value of approximately 186 billion US dollars, seems to have made aggressive investments in the gold market to stabilize its currency. Not only Tether, but also billionaires like Roy Diallo, founder of the world's largest hedge fund Bridgewater Associates, hedge fund manager John Paulson, and billionaires like Naqib Sawiris, Sam Zell, and David Einhorn have significantly increased their investments in gold.

Not only traders but also countries are in the race to hoard gold. Due to US President Donald Trump's one-on-one unstable decisions, additional tariffs, and geopolitical tensions, various countries seem to be returning to traditional ways. Visual Capitalist published data that the world's central banks hoarded more than 1,000 metric tons of gold in 2024, and media outlets claim that the 2025 figure could go even higher. A Forbes report mentions that countries like China, Poland, and India are among the countries that buy the most gold.

China's central bank, which has been buying gold continuously for 14 consecutive months, has increased its gold reserves to about 2,300 metric tons. According to Reuters, Poland is the country that has been aggressively investing in gold in recent days. It has bought more than 95 metric tons of gold in 2025 alone, increasing its reserves to more than 700 metric tons. Although the quantity is not disclosed, according to the Times of India, India's central bank will be the largest buyer of gold after Poland in 2024 and 25. Along with India, countries such as Turkey, Kazakhstan, Brazil, Uzbekistan, Indonesia, the Czech Republic, Ghana, and the Philippines have been aggressively increasing their gold reserves, according to media outlets including Forbes.