During an interview with Bloomberg, Tether CEO Paolo Ardoino revealed that Tether holds approximately 140 tons of gold, most of which is its own reserves, along with gold used to back its gold stablecoin. The company purchases gold at a rate of about 1 to 2 tons per week and plans to continue doing so for at least the next few months. The physical gold is stored in a former nuclear bunker in Switzerland.

Ardoino is not satisfied with merely buying gold; he also hopes for Tether to engage in gold trading. The company aims to become the best gold trading platform in the world to continue purchasing gold long-term and to take advantage of potential market inefficiencies.

Tether's attitude towards gold is similar to that of central banks. It values the liquidity of gold and its status as a reserve asset, which is not a debt of any individual or country. Logically, gold is safer than any national currency. Users in emerging markets are those who love gold and use it to protect themselves from the devaluation of their local government's currency.

In simpler terms, Ardoino believes that gold as a reserve asset will be more important than U.S. Treasuries and the dollar, but this also raises a significant question: where does the money for Tether's gold purchases come from?

Ardoino stated that this portion of the funds comes from Tether's profits, not from users' "principal," but some of the gold will still become part of Tether's reserve funds, and the exact amount will depend on the latest data disclosed by Tether.

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