According to Foresight News and Bloomberg, Tether's CEO Paolo Ardoino stated in an interview that Tether has its own vault in Switzerland, currently holding gold valued at 8 billion dollars. The vault is located in Switzerland, but for security reasons, the company refuses to disclose its exact location or when it was established. The vast majority is held directly by Tether, making it one of the largest holders of gold globally, aside from banks and nation-states. Paolo Ardoino mentioned that they decided to establish their own vault instead of paying the vault operators commonly used in the precious metals industry due to cost reasons.
The value of gold held in Tether's vault is approximately 8 billion dollars, roughly equivalent to the total value of precious metals and other commodities held by UBS Group, which is one of the few large gold trading banks that disclose such information in quarterly accounts.