Beyond his role as a protector standing beside the historical Buddha, Vajrapani figures centrally in the traditional Vajrayana account of how the esoteric tantric teachings themselves survived and were later revealed to the human world. According to this traditional narrative, preserved and repeated across various Vajrayana lineages, the tantras were first taught by the Buddha in a form too advanced for beings of the time to receive directly, and were compiled and entrusted to Vajrapani's own safekeeping, who is said to have sealed them within an iron stupa, traditionally located at Dhanyakataka in South India, where they remained hidden for centuries until conditions were right for their transmission to the wider world.
The tradition holds that the tantric master Nagarjuna, or in some versions another qualified master of a later era, was eventually able to open the iron stupa and retrieve the concealed teachings, beginning their transmission into the historical lineages of tantric practice that would eventually spread across India, Tibet and the wider Buddhist world.
Modern scholars of Buddhism generally treat this account as a traditional origin narrative explaining and legitimating the historical emergence of tantric literature, which most academic specialists date to a considerably later period than the Buddha's own lifetime, rather than as a literal historical record of an actual physical stupa and its contents, but the story remains religiously significant within the tradition precisely because it explains why the tantras, despite their claimed origin in the Buddha's own teaching, only became historically visible centuries after his death, attributing the gap to Vajrapani's long guardianship rather than to a later human process of textual composition.