Latest news with #XAUt
Crypto Insight
3 days ago
- Business
- Crypto Insight
Tether debuts omnichain gold stablecoin on TON
Tether announced a partnership with the TON Foundation to debut an omnichain version of its gold stablecoin XAUt on The Open Network, in an effort to expand the token across ecosystems. The new token, 'XAUt0,' was built on LayerZero's Omnichain Fungible Token standard, which allows tokens to be transferred through blockchains without wrapping or middlechains. XAUt, the token's non-omnichain version, is the largest gold stablecoin by market capitalization, with over $832 million, according to CoinGecko. It is closely followed by Paxos's Pax Gold, which holds a market cap of $811 million as of June 2. XAUt is available only on the Ethereum blockchain. Tether has more than 7.7 tons of physical gold backing the XAUT stablecoin, according to the company's Q1 2025 attestation report. Each XAUt token represents one troy ounce of the global asset, which is reportedly being stored in a Swiss vault. XAUt0 may mimic Tether's rollout of USDT0 (USDT0), a crosschain dollar-backed stablecoin deployed across Optimism's Superchain, an ecosystem that has at least eight blockchains. USDT0 is a bridged token of Tether's USDt, the company's dollar-backed stablecoin. Tether also deployed USDt onto the TON blockchain in April 2024. Gold rises backed by economic uncertainty Gold is considered a safe-haven asset and, in 2025, has experienced a steep appreciation in price due to economic uncertainty, particularly due to ongoing global trade wars. Gold's price was at $3,304 per ounce on May 30, up $2,327 from a year ago — a 29.5% jump in 12 months. In addition, Gold exchange-traded funds (ETFs) have experienced significant gains year-to-date, with the eight top funds by total assets experiencing increases of more than 25%. Gold ETFs are a popular way to trade the asset. Tether's omnichain gold token will compete with similar ETFs and other traditional gold investment instruments. Source:
Yahoo
29-04-2025
- Business
- Yahoo
Tether's $770M XAUT Backed by 7.7 Tons of Gold in Swiss Vault, Says Company
Tether's gold-backed stablecoin, Tether Gold (XAUT), reached a $770 million market capitalization as of April 28, according to the company's first attestation under El Salvador's financial regulations. "While central banks are stacking up hundreds of tons of gold, XAUt is set to become the standard tokenized gold product for the people and institutions," Tether CEO Paolo Ardoino posted on X. The token is backed 1:1 by 246,523.33 ounces — over 7.7 tons — of physical gold stored in a dedicated Swiss vault, said Tether. Each XAUT token represents one troy ounce of LBMA-certified gold. Tether said it applies strict controls, including gold bar verification and periodic audits, to maintain trust in the token's backing. The attestation comes at a time when global investors are increasingly turning to gold as a hedge against economic instability and rising geopolitical risks. Central banks, particularly across BRICS nations, have been buying gold at record levels, accumulating over 1,044 metric tons in 2024 alone, according to the World Gold Council. The yellow metal has touched numerous record highs in 2025 amid an ongoing rally that's seen its price gain about 27% year-to-date. It's currently trading at $3,343 per ounce, having more than doubled since November 2022. Tether emphasized that unlike other tokenized gold products, XAUT is physically backed and regulated, positioning it as a safer option for users wary of "paper gold" exposure. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
