“The crypto industry used to store Bitcoin in Swiss vaults. Now one firm is using vaults to hold gold instead”
Tether, the world’s largest stablecoin issuer, is storing gold in a Cold War-era nuclear bunker in Switzerland. The company is stockpiling more than a ton of the precious metal every week in the Swiss mountains to back its gold-pegged XAUT Token—an attention-grabbing security measure once employed by a Bitcoin firm from crypto’s early days.
Tether currently owns an estimated $24 billion in gold, the most of any holder outside of governments, central banks, and major ETFs. As a new Fortune magazine feature reveals, the gold hoarding reflects a belief on the part of Tether’s CEO that Western economies are unraveling and that his firm can be an anchor of stability in an unstable world.
The company’s use of Swiss vaults to…
