Tether, the issuer of the USDT stablecoin, has reported a substantial gold reserve of nearly 80 tons stored in a secret vault in Switzerland.
Tether's Gold Reserve
According to a recent report from Bloomberg, Tether's CEO Paolo Ardoino stated that the gold reserve is worth around $8 billion. The gold is stored in what they claim is the 'most secure vault in the world', but the company does not disclose its exact location.
Reasons for Gold Storage
Ardoino noted that their choice to create their own vault instead of using vault operators was driven by rising asset costs. He also emphasized that gold should logically be a safer asset than any national currency.
Gold Market Dynamics
Gold has increased by 38.5% over the past year, reaching a high of $3,390. It is often used by investors as a hedge against inflation. Ardoino pointed out that the increase in gold prices is linked to significant purchases by central banks in BRICS countries.
With a reserve of nearly 80 tons of gold, Tether is becoming one of the largest holders of the metal, reflecting the growing interest of investors in gold as an alternative asset.
