Tether, 80 tons of gold stored... "We will continue to integrate gold into reserves"

"Gold, the Maximum Safe Asset"... Gold Holdings Enter Top 10 Worldwide
Some Raise Doubts About Tether's Financial Soundness... "Must Prove Soundness"

It has been revealed that Tether, the issuer of the largest stablecoin USDT, has stored approximately 80 tons of gold in a Swiss vault. Bloomberg reported on the 9th that Tether has stored a total of about 80 tons of gold in a Swiss vault. At the beginning of this year, Tether disclosed through its financial statements that it held about 7.7 tons of gold. Since then, Tether has continued to accumulate gold, reaching approximately 80 tons. Tether has become an entity with the most gold holdings alongside central banks worldwide, and its gold reserves exceed those of the Indonesian Central Bank. Paolo Ardoino, Tether's CEO, stated, "We have our own vault in Switzerland" and "Gold is logically a safer asset than any country's currency, so we will continue to accumulate gold." Considering Tether's gold holdings, gold accounts for less than 5% of its total reserve portfolio. Meanwhile, numerous doubts have been raised about Tether. For years, the Wall Street Journal has expressed suspicions about Tether's operational transparency and professionalism, reporting that the company carries many risks. At the time, the WSJ reported that 86% of Tether's shares are controlled by four non-professionals, and their reserve proof is not transparent. Bloomberg also wrote in its article on the 9th that "Tether's audit issues need further proof" and "Tether has not proven the reserve assets for about 95% of the issued coins." Based on these suspicions, there are assessments that Tether's financial soundness could be a "trigger" that could collapse the cryptocurrency market in an instant, as Tether still holds about 70% of the stablecoin market share. Reporter Seung-won Kwon ksw@blockstreet.co.kr