Editor’s Note
Tether has emerged as a major force in the gold market, amassing a reported 140 tons of the precious metal. This aggressive accumulation strategy, detailed in a recent Bloomberg report, positions its holdings above those of many national central banks.
Over the past year, Tether has purchased more than 70 tons of gold, making it one of the biggest players in the global gold market. According to a Bloomberg report, the company holds approximately 140 tons of gold, valued at around $24 billion. This quantity exceeds the holdings of many countries’ central banks and major exchange-traded funds. Tether is buying an average of one to two tons of gold per week, transported by truck, and plans to continue this process in the coming months. This strategy is establishing Tether not just as a crypto company, but as an influential gold holder.
Tether has stored its physical gold in nuclear bunkers in Switzerland, which are secured by multi-layered thick steel doors. These bunkers, built during the Cold War era, were rarely used until recently, but activity has increased again due to Tether. Analysts believe that the storage of such a large quantity of gold by a private company like Tether could alter the structure of the global market. Some experts also suggest that Tether’s buying activity may have played a significant role in the 65 percent surge in gold prices over the past year.
Tether is the world’s largest dollar-based stablecoin company. Its USDT token is in large-scale circulation in the market, with a reported value of approximately $186 billion. The company invests the earnings from this into other safe assets, a significant portion of which is now being allocated to gold. Tether’s objective is to reduce dependence on the US dollar, aiming to strengthen its gold-backed stablecoin. Experts say the actual figure for gold purchases may be higher than what the company has publicly disclosed.