Tether Holds $8 billion Worth of Gold in Swiss Secret Vault

According to Bloomberg, Tether Holdings SA has a vault in Switzerland holding $8.000 billion worth of gold inventory, including nearly 80 tons of gold, making it one of the world's largest gold holders outside of banks and nation states. Tether's gold reserves are roughly equivalent to the total value of precious metals and other commodities held by UBS Group AG, accounting for nearly 5%. Tether's gold-backed token $XAUT is backed 1:1 by one ounce of gold, and the token can be redeemed for physical gold collected directly in Switzerland. [ChainCatcher]