Bloomberg: Tether Holds $8 Billion Worth of Gold in Secret Swiss Vault

According to Bloomberg, stablecoin issuer Tether CEO Paolo Ardoino said in an interview that Tether has its own vault in Switzerland and currently holds $8.000 billion worth of gold. The vault is located in Switzerland, but for security reasons, the company declined to disclose its specific location or when it was built. The vast majority is held directly by Tether, making it one of the world's largest gold holders outside of banks and nation states. Paolo Ardoino said that they decided to build their own vault instead of paying vault operators commonly used in the precious metals industry because of cost reasons. [Foresight News]