Tether topped central banks as the biggest gold buyer in 2025
Tether became the largest gold buyer in 2025, surpassing central banks, as official sector purchases fell to 850 tonnes but dollar spending rose due to higher gold prices.
Tether, the stablecoin issuer, overtook central banks as the world's largest gold buyer in 2025, according to a European Central Bank report on the international use of the euro. The report revealed that official central bank gold purchases declined to around 850 tonnes last year, down from over 1,000 tonnes annually between 2022 and 2024, but Tether's acquisitions pushed its holdings above those of most sovereign buyers.
The shift highlights a changing landscape in gold demand. While central banks reduced their buying volume, the total dollar amount spent on gold actually increased because the average gold price surged 43% in 2025 to $3,431 per ounce, compared to $2,386 in 2024. With gold currently trading at $4,516, up $33 on the day, the value of these purchases continues to rise. For forex traders, this dynamic underscores gold's role as a hedge against fiat currency debasement and a barometer of confidence in the dollar. Tether's accumulation, in particular, signals that crypto-linked entities are increasingly treating gold as a reserve asset, which could influence gold's correlation with risk sentiment and dollar strength. Traders can track real-time gold prices and currency pairs on NowPrice to gauge market reactions.
Looking ahead, the key question is whether central banks will resume aggressive buying if gold prices correct, or if Tether and other non-sovereign buyers will continue to dominate. The ECB report also noted that the euro's international role remained stable, but the data on gold flows adds a new dimension to reserve diversification trends. Traders should watch for further ECB commentary and upcoming gold import data from major hubs like China and India, as well as any shifts in Tether's reserve disclosures.