Crypto firm Tether said to have $8B worth of gold stockpiled in Swiss vault
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Tether Holdings SA, issuer of the world’s largest stablecoin, is said to have stockpiled $8 billion worth of gold in a secure vault in Switzerland, according to a Bloomberg report.
In a statement to Bloomberg this week, the El Salvador-based crypto firm confirmed that it holds around 80 metric tons of gold, the majority of which are owned outright by the company. The amount, it adds, makes Tether “one of the largest gold holders in the world outside of banks and nation states,” comparable to that of UBS Group.
Tether is the issuer of the USDT stablecoin, a cryptocurrency whose value is pegged to the USD on a near one-to-one basis. The company receives dollars in return for the tokens it…
