Tether holds $8 billion worth of gold in a secret vault in Switzerland

ChainCatcher message, according to Bloomberg, Tether Holdings SA has a vault in Switzerland that holds $8 billion worth of gold reserves, including nearly 80 tons of gold, making it one of the largest holders of gold in the world, aside from 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% of the company's reserves. Tether's gold-backed token XAUT is backed one-to-one by one ounce of gold, and the tokens can be redeemed for physical gold collected directly in Switzerland.