Tether, the company behind the largest stablecoin by market cap, is amassing a huge pile of gold bullion in a former Swiss nuclear bunker. The crypto company bought at least 70 tons of gold last year, Bloomberg calculated, or more than was reported by any central bank besides Poland’s. Tether then invests the money it gets from folks buying USDT in other assets such as Treasuries and gold, profiting from the interest. Tokenized gold is meant to be redeemable for physical gold, meaning Tether should be stockpiling enough gold to at least match the amount of XAUT its customers own (no selling out like Costco). Feeling Existential: Tether seems to be prioritizing buying gold because its value isn’t tied to governments as tightly as fiat currencies are.