Tether’s Gold Push Adds a New Demand Floor for XAU Price—Could It Break the Market?

Tether’s growing appetite for physical gold is turning the world’s largest stablecoin issuer into a meaningful new force in the bullion market. Tether’s buying therefore draws from existing above-ground stocks, sourced through over-the-counter markets and Swiss refiners rather than futures exchanges. How Tether’s Gold Buying Shapes Prices at the MarginAt an annualized pace of 50–100 tons, Tether’s demand represents roughly 1–2% of global yearly supply. Even at the top end of its stated target, Tether’s gold accumulation does not alter gold’s long-term supply curve, nor does it rival the combined weight of sovereign buyers and ETFs. But it is a stabilizer, not a destabilizer, reinforcing an already bullish backdrop rather than triggering a standalone surge in gold prices.