‘James Bond-style’ bunker: Why a crypto firm is buying more gold than most central banks
Times of India
by SHIVANGHI PAYALFebruary 20, 2026
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A private cryptocurrency giant, Tether Holdings SA, has emerged as a major player in the global gold market, purchasing more of the precious metal than many central banks. The company has been acquiring vast quantities of gold, with its holdings reaching over 148 tonnes worth $23 billion by early 2026—a figure that surpasses purchases made by several nations. Tether stores this gold in a high-security "James Bond-style" bunker located deep inside a Swiss mountain, further emphasizing the scale and secrecy of its operations.
Tether, founded in 2014, is known for its stablecoins like USDT, which are designed to maintain stability by being pegged to real-world currencies. The company also offers Tether Gold (XAU₮), a digital token that represents physical gold holdings. This strategic move into gold reflects its ambition to align with traditional financial systems while leveraging blockchain technology. By the end of 2025, Tether had already accumulated 142 tonnes of gold, and by January 2026, it added another 6 tonnes, solidifying its position as one of the top gold buyers globally.
The company's rapid expansion in gold holdings is staggering when compared to central banks. In the last quarter of 2025 alone, Tether purchased 26 tonnes of gold, which accounted for nearly 11.4% of total central bank gold demand during that period. This places it among the top three gold buyers worldwide, alongside only a few nations like Poland and Brazil. The reasons behind this shift are multifaceted—strategic diversification, ensuring backing for its tokens, and capitalizing on rising gold prices.
The financial impact of these purchases is significant. As gold prices surged to over $5,200 per ounce in early 2026, Tether's gold reserves saw their value rise by more than $5 billion. This appreciation underscores the company's ability to capitalize on market trends and reinforces its position as a major player in both crypto and traditional markets. By
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Originally published on Times of India on 2/20/2026