Tether Amasses $23 Billion in Gold Stored in Swiss Nuclear Bunker

Tether stores $23 billion in gold in a Swiss bunker, aiming to rival central banks.

Tether Holdings SA has transformed a former nuclear bunker in Switzerland into a storage facility for its gold reserves. In an interview with Bloomberg, the firm’s CEO Paolo Ardoino revealed that the facility is heavily guarded and reminiscent of James Bond film locations.

The issuer of USDT holds approximately 140 tonnes of precious metal valued at $23 billion, making Tether one of the largest non-government holders of physical gold globally.

More than a tonne of bullion is delivered to the secure vault weekly. Ardoino stated that the company will continue its purchasing pace, adjusting its strategy quarterly.

Last year, Tether acquired over 70 tonnes of metal—only Poland declared larger volumes among central banks.

Ardoino likened the company’s current market role to that of a central bank. Diversifying reserves was a response to fiat devaluation and growing distrust in U.S. government debt.

To manage these assets, the company 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 expressed an ambitious goal to create “the best gold trading platform in the world.”

The accumulated gold backs the reserves of the stablecoin USDT, as well as the company’s own token, Tether Gold (XAUT).

Analysts view Tether’s actions as a significant market factor. Experts from Jefferies Financial Group associate the issuer’s activity with the historical rise in gold prices. Representatives from the World Gold Council confirmed the crypto giant’s influence, noting it as one of the rally’s drivers.

Additionally, Tether invests in the mining sector by acquiring stakes in royalty companies.

By the end of September 2025, the issuer’s reserves reached the level of the central banks of Korea, Greece, and Hungary.