According to @wallisi, Tether holds the largest non-sovereign gold position and a sizable stack of Bitcoin, implying potential influence on BTC and commodity-linked sentiment, source: @wallisi on X dated Nov 27, 2025. Tether has officially confirmed that physical gold and Bitcoin are part of USDT reserves, including disclosure of a company-controlled address holding 75,354 BTC as of May 2024, source: Tether company blog Transparency Update May 2024 and Tether Q2 2024 assurance by BDO. Public data indicate the “largest non-sovereign gold holding” claim is not supported, as SPDR Gold Trust holds hundreds of tonnes of gold exceeding Tether’s reported exposure, source: State Street Global Advisors GLD fund fact sheet 2024 and Tether Q2 2024 assurance. For trading, Tether’s stated policy to allocate up to 15% of net profits to Bitcoin signals recurring structural buy-side demand when profits exist, which can affect BTC liquidity and dip absorption, source: Tether reserve investment policy announcement May 2023. Monitoring the USDT peg and Tether’s periodic reserve attestations can offer signals for BTC liquidity and stablecoin risk premium, source: Tether transparency page and BDO assurance releases.