Tether, a leading stablecoin, has revealed that it holds $8 billion worth of gold in a Swiss vault, matching the exposure of major financial institution UBS. This significant reserve highlights the growing importance of physical assets as collateral for digital currencies.
According to reports, Tether’s gold reserves are stored in a secure facility in Switzerland, providing an additional layer of security and stability for the stablecoin. This move is seen as a strategic step towards increasing trust and confidence in the cryptocurrency market.
The $8 billion worth of gold held by Tether is a substantial amount, equivalent to approximately 250,000 ounces or 7,700 kilograms. This reserve is expected to play a crucial role in maintaining the stability of the stablecoin’s value, which is pegged to the US dollar.
As the cryptocurrency market continues to evolve, it will be interesting to see how other digital currencies and financial institutions respond to Tether’s move. With $8 billion worth of gold backing its stablecoin, Tether has set a new standard for collateralization in the industry.
Cointelegraph
@Cointelegraph
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17h NEW: Tether holds an $8B gold stockpile in a secret Swiss vault, with nearly 80 tons making it one of the largest holders outside banks and nations.
Captain GM
@g13m
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20h GMBloomberg reports that Tether holds $8 billion worth of gold in a secret vault in Switzerland.The USDT issuer has accumulated nearly 80 tons of gold, making it one of the largest private holders of precious metals in the world.Gold accounts for approximately 5% of
crypto.news
@cryptodotnews
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7h NEW: Tether holds an $8 billion gold stockpile in Swiss vaults, with nearly 80 tons making it one of the largest holders outside banks and nations.
Nomy
@NomyFinance
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3h Tether is now holding $8B worth of gold in a secret Swiss vault. That’s nearly 80 tons of metal, making them one of the largest private gold holders on the planet.5% of Tether’s reserves are now in gold.
Kyle Chassé / DD
@kyle_chasse
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Apr 28 TETHER BUYS 7.7 TONS OF GOLD TO BACK ITS XAU₮ TOKEN !!!1 TOKEN = 1 TROY OUNCE, MARKET CAP NOW OVER $800M.DIGITAL GOLD, LITERALLY.
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