On July 9, Bloomberg reported that Tether has its own vault in Switzerland to store $8,000,000,000 worth of gold reserves and plans to further increase these reserves. The report stated that Tether directly holds the vast majority of the gold. This makes it one of the largest gold holders in the world, outside of banks and sovereign nations. Tether CEO Paolo Ardoino stated that gold is more secure than fiat currency, and if stablecoin regulations in Europe and the United States tighten in the future, Tether may need to adjust its gold holdings structure to meet regulatory requirements. [Deep Tide TechFlow]