Follow the Gold Flow Monster

This report highlights Tether's rise as a major global gold holder with 125 tonnes, positioning it alongside major central banks and ETFs. It introduces a new methodology for tracking Tether's gold flows on a daily basis to provide timely market signals.

Key Takeaways

• 1.Tether has become a dominant gold holder, reaching 125 tonnes as of Q4 2025, which ranks it as the equivalent of the 36th largest central bank.
• 2.SocGen has developed a proprietary daily estimation model for Tether's gold flows to overcome the lag in official quarterly filings.
• 3.Tether's gold flows recently outpaced all gold ETFs combined during late January 2026 volatility, acting as a significant 'buy the dip' mechanism.

Table of Contents

• Tether gold holdings move it up the central bank reserve rankings
• Significant Q425 central bank flows and net flows into Tether gold
• The stablecoin that is taking on the central banks
• Tether flows have recently outpaced gold ETFs
• Tethers gold flows compared to hedge funds gold flows
• The challenge: gold-flow analysis relies on lagged data
• How we estimate Tether's daily flows
• Estimating Tether daily gold holdings
• Tether, ETF and hedge fund gold flows year-to-date
• Key insights this week
• TRADING SIGNAL SCORECARD
• SG OVERBOUGHT/OVERSOLD INDICATORS (OBOS)
• FLOW ANALYSIS
• LATEST PUBLICATIONS

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