Crypto firm Tether holds $8 Billion pile of gold in a secret Swiss vault

Tether Holdings SA, the issuer of the major stablecoin USDT, holds $8 billion worth of gold in a secret Swiss vault. The company possesses nearly 80 tons of gold, making it one of the largest gold holders globally. Tether's CEO, Paolo Ardoino, claims the vault is extremely secure.

Their gold holdings are a part of the nearly 5% of reserves, primarily invested in US Treasuries. Recent regulations could require Tether to sell their gold if they seek authorization in certain markets. Tether also issues a gold-backed token, XAUT, redeemable for physical gold. Ardoino believes gold represents a safer asset than national currencies, especially amid rising geopolitical tensions.