Tether compra 27 toneladas de oro, pero su cuota de mercado tokenizada disminuye – ¿Por qué?

ambcryptoPublished on 2026-01-27Last updated on 2026-01-27

Abstract

Tether adquirió 27 toneladas de oro en el cuarto trimestre de 2025, continuando su estrategia de acumulación ante la incertidumbre macroeconómica y la demanda de activos refugio. El oro registró una ganancia del 64% en 2025 y superó los $5000 en 2026. Esto impulsó la demanda de oro tokenizado, haciendo que la capitalización de mercado de Tether Gold (XAUT) creciera a $2.24 mil millones a principios de 2026. Sin embargo, aunque el mercado general de oro tokenizado superó los $5.2 mil millones, la participación de mercado de Tether Gold cayó del 60% en noviembre de 2025 al 50% a principios de 2026, debido principalmente al crecimiento de competidores como Pax Gold y Kinesis Gold.

Tether continuó su compra frenética de oro a finales de 2025, impulsada por la incertidumbre macroeconómica y la creciente demanda de activos refugio. Según su último informe de transparencia, el mayor emisor de stablecoins del mundo compró 27 toneladas métricas de oro en el cuarto trimestre de 2025.

Esta cantidad fue casi la misma que la adquirida en el tercer trimestre de 2025. De hecho, su frenesí de compras en 2025 rivalizó con la demanda de los bancos centrales, mientras el metal superaba nuevos máximos y rompía niveles psicológicos clave.

En 2025, el oro registró una ganancia del 64% y hasta ahora en 2026 ha subido otro 17%, superando la marca de $5000 por primera vez.

Esta carrera explosiva también ha impulsado la demanda minorista de oro tokenizado, y la oferta de mercado de Tether Gold [XAUT] creció más de 3 veces, de $600 millones a $1.800 millones para finales de 2025.

A principios de 2026, la capitalización de mercado de Tether Gold aumentó a $2.240 millones, un 26% solo en enero, lo que subraya aún más el interés de los inversores en el oro tokenizado. El informe señaló que la demanda agresiva de oro de la empresa se utiliza para respaldar los tokens XAUT emitidos en una base 1:1.

Al comentar sobre el informe, el CEO de Tether, Paolo Ardoino, dijo:

"A través de Tether Gold, estamos operando a una escala que ahora coloca al Fondo de Inversión Tether Gold junto a los tenedores soberanos de oro, y eso conlleva una responsabilidad real".

Ardoino añadió que XAUT existe para 'eliminar la ambigüedad' a medida que la confianza en los sistemas monetarios se debilita y es sometida a una prueba de estrés por parte de instituciones y personas.

La cuota de Tether en el mercado de oro tokenizado cae

Dicho esto, el auge del oro tokenizado también ha visto cómo la cuota de mercado de Tether se reducía en casi un 10%. Según datos de CoinGecko, Tether Gold mantenía una dominancia de mercado de casi el 60% hasta noviembre de 2026.

Sin embargo, a principios de 2026, la cuota de mercado de Tether Gold había caído al 50% ($2.600 millones), mientras que Pax Gold, el segundo oro tokenizado más grande, tenía una cuota de mercado del 40%.

Kinesis Gold parecía ser la estrella en ascenso que se ha comido la mayor parte de la cuota de mercado. Su dominio aumentó de cero en noviembre a casi el 8% a principios de 2026.

Mientras tanto, el mercado de oro tokenizado ha superado los $5.200 millones y podría crecer aún más si las tensiones geopolíticas y la incertidumbre macroeconómica impulsan al alza los precios del oro físico.

Reflexiones finales

Tether añadió 27 toneladas de oro en el Q4 de 2025, casi la misma cantidad comprada en el Q3, mientras el producto extiende su tendencia alcista hasta 2026.
Sin embargo, Tether Gold ha perdido el 10% de su cuota de mercado en medio del auge del oro tokenizado

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