Tether, the issuer of the world’s largest stablecoin USDT, has consolidated its gold reserves in a single vault in Switzerland. The volume — 80 tons, with a market value of around $8 billion. It’s a move that looks impressive and symbolic, but doesn’t solve the main issue — reserve transparency.
Own Vault and a Bet on Gold

Tether’s Reserves

In an interview with Bloomberg, Tether CEO Paolo Ardoino stated that the company now has its own vault in Switzerland, which he described as “the safest in the world.” According to him, owning such a facility reduces storage costs and increases the level of control.

“Gold, logically, should be safer than any national currency,” he added.
Since the beginning of the year, the company has increased its reserves by about 0.3 tons. In the Q1 2025 report, it was noted that Tether held 7.7 tons. The total volume now stands at 80 tons, making Tether one of the largest private gold holders in the world — on par with banks and central banks.

Less Than 5% of USDT Reserves
Even $8 billion in gold represents less than 5% of the total backing for USDT. According to reports, Tether has issued over $159 billion worth of tokens, with the rest of its reserves including:

• $98 billion in U.S. Treasury bonds (Q1 2025)

• Cash, commercial paper, and other instruments

There has still been no official audit of these reserves. Despite years of promises, pressure from regulators, and calls from the community, Tether only releases quarterly reports without external verification.

Why the Vault Raised Questions
Consolidating assets in one location does simplify logistics and reduce costs, especially if the company plans to expand its gold holdings. But critics argue that the announcement of a gold vault is a distraction from the absence of a full audit.

Especially considering that Tether aims to serve as the infrastructure for a global dollar, which means the level of trust in its reserves must be impeccable.

A PR Move or a Fundamental Shift?
The gold market is strengthening amid geopolitical tensions, and Tether clearly sees the opportunity. However, skepticism remains in the community. Many believe that without an external audit, a gold reserve alone does not prove the stability of USDT.

Yes, gold is a reliable asset. Yes, 80 tons is a significant amount. But 95% of the reserves remain unverified. Until that changes, questions about USDT’s backing will keep resurfacing.