Tether Will Keep Adding to $24 Billion Gold Stash Held in Former Nuclear Bunker, Says CEO
Tether, the issuer of USDT—the world’s largest stablecoin—has rapidly increased its gold holdings, now owning around 140 tons, valued at about $24 billion due to gold’s recent price surge. The company is buying 1-2 tons of gold weekly, storing it in a high-security Swiss vault, and plans to maintain this pace for the coming months. These gold reserves mainly back its gold-linked stablecoin XAUT, which has recently grown faster than USDT and entered the top 50 cryptocurrencies by market cap. Gold now represents a significant portion of Tether’s reserves, accounting for about 7% as of September. The rise in gold’s value has further increased the worth of Tether’s reserves, despite concerns raised by S&P Global regarding Tether’s use of riskier assets in its backing reserves. Tether will assess its gold acquisition strategy quarterly.
