Tether Quietly Built $8B Gold Reserves in Swiss Vault to Reduce Custody Costs: Report
Main Idea
Tether has built an $8 billion gold reserve stored in a private Swiss vault, representing 5% of its $112 billion reserve portfolio, to reduce custody costs and diversify from pure fiat exposure.
Key Points
1. Tether holds approximately 80 tons of gold in a private Swiss vault, directly owning the majority of it.
2. Gold reserves account for 5% of Tether's $112 billion reserve portfolio, as per its March attestation.
3. Tether's gold reserves match UBS Group's total precious metals and commodities exposure.
4. CEO Paolo Ardoino highlights gold's safe-haven status as a buffer against fiat currency risks.
5. Tether's gold token could lower custody costs if it grows significantly in circulation.
Description
Stablecoin issuer Tether has built a gold vault empire worth around $8 billion, stored in a private vault in Switzerland, CEO Paolo Ardoino told Bloomberg in an interview . The USDT issuer directly owns the vast majority of about 80 tons of gold stockpile outright. However, precious metals represent only 5% of Tether’s $112 billion reserve portfolio, per the company’s March attestation. “We have our own vault. I believe it’s the most secure vault in the world,” Ardoino noted, declining to reveal...
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