Tether Is Shaking Up the Gold Market With Massive Metal Hoard (2)

There are roughly 370,000 nuclear bunkers in Switzerland, a legacy of the Cold War that are now rarely used. One of them, though, is a hive of activity.

Every week, more than a ton of gold is hauled in to the high-security vault, owned by crypto giant Tether Holdings SA, which is now the world’s largest known hoard of bullion outside of banks and nation states.

Over the past year, Tether has quietly become one of the biggest players in the global gold market — the embodiment of a meeting of the crypto and gold worlds whose shared distrust ...