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Tether secures 80 tons of gold in Swiss vault – A new giant!
Tether has stored 80 tons of gold worth $8 billion in Switzerland to back its stablecoins.
Tether secures 80 tons of gold in Swiss vault – A new giant!
Tether, known as one of the leading issuers of stablecoins, recently announced that it now stores 80 tons of gold worth $8 billion in its own vault in Switzerland. This represents a significant increase compared to the 7.7 tons of gold Tether owned at the beginning of 2023. CEO Paolo Ardoino described the safe as the “most secure in the world” and highlighted the cost-effectiveness of storage. BeinCrypto reports that gold represents only a small portion of USDT reserves as Tether has issued over $159 billion in USDT tokens to date.
Gold has increased in value due to geopolitical developments and is currently at a high level. Tether is one of the largest gold holders in the world and competes with international banks and governments. Tether's CEO clarified that the gold was not purchased as an investment vehicle; it serves as part of the stablecoin reserves, which have not yet been audited.
Gold reserves and stablecoins
In addition to the 80 tons of gold, Tether also holds $770 million in physical gold, which supports its stablecoin Tether Gold (XAUT). This digital currency was launched in 2020 and is directly linked to the price of an ounce of physical gold. Each XAUT token represents direct ownership of gold bars held in secured Swiss vaults. Daily Hodl highlights that Tether emphasizes the transparency of its reserves, with third parties regularly auditing gold reserves to ensure their consistency with the amount of XAUT tokens in circulation.
Moving gold reserves to a vault could reduce overhead costs in the long term and make future acquisitions easier. Although Tether hired a new CFO last month and committed to conducting a full review, questions remain regarding the other 95 percent of assets that support USDT pegging. Tether has not released specific information about vault locations for security reasons.
In uncertain economic times, Ardoino emphasizes the strength of gold as a store of value, further underscoring the relevance and growing popularity of the digital gold asset. Developments in Tether and its gold reserves could have a significant long-term impact on the digital asset and stablecoin market.