Bloomberg: Tether holds $8 billion worth of gold in Switzerland's secret vault

According to Foresight News, according to Bloomberg, the CEO of Stablecoin Issuer Tether, Paolo Ardoino, said in an interview that Tether owns its own vault in Switzerland and currently holds $8 billion worth of gold. The vault is located in Switzerland, but for security reasons, the company declined to disclose its specific location or when it was established. The vast majority of these are directly held by Tether, making it one of the largest gold holders in the world except banks and nation-states. Paolo Ardoino said they decided to build their own vault instead of paying for vault operators commonly used in the precious metals industry because of the cost reasons.

The value of gold held in Tether’s vault is approximately $8 billion, roughly equivalent to the total value of precious metals and other commodities held by UBS, one of the few large gold trading banks to publish such information in quarterly accounts.

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