According to @KobeissiLetter, Tether purchased about 26 tonnes of gold in Q3 2025, surpassing individual official central bank purchases by Kazakhstan at plus 18 tonnes, Brazil at plus 15 tonnes, and Turkey at plus 7 tonnes in the same period (source: @KobeissiLetter, Nov 28, 2025). @KobeissiLetter frames this as the crypto industry competing with central banks for bullion, making Tether the largest single buyer among the entities cited for Q3 2025 (source: @KobeissiLetter, Nov 28, 2025).