Tether Holdings SA has transformed a former nuclear bunker in Switzerland into a storage facility for its gold reserves. In an interview with Bloomberg, CEO Paolo Ardoino revealed that the site is heavily guarded and resembles locations from James Bond films.
The issuer of USDT holds approximately 140 tons of the precious metal, valued at $23 billion, making Tether one of the largest non-government holders of physical gold in the world.
Each week, over a ton of gold bars is delivered to the secure storage. Ardoino stated that the company will continue its purchasing at the same pace, adjusting its strategy quarterly.
Last year, Tether acquired more than 70 tons of gold, with only Poland among central banks declaring similar volumes.
Ardoino compared the company's current role in the market to that of a central bank. The diversification of reserves is a response to fiat devaluation and growing distrust in U.S. government debt.
To manage these assets, the company has hired two leading traders from HSBC. Tether plans not only to store the metal but also to actively trade it, competing with major financial institutions. Ardoino has set an ambitious goal to create "the best gold trading platform in the world."
The accumulated gold backs the reserves of the USDT stablecoin as well as Tether's own token, Tether Gold (XAUT).
Analysts view Tether's actions as a significant market factor. Experts from Jefferies Financial Group link the issuer's activity to the historical rise in gold prices. Representatives from the World Gold Council confirmed the influence of the crypto giant, noting it as one of the drivers of the rally.
Additionally, Tether is investing in the mining sector by acquiring stakes in royalty companies.
As a reminder, by the end of September 2025, the issuer's reserves reached the levels of the central banks of Korea, Greece, and Hungary.