Tether confirmed that nearly 250,000 gold-backed stablecoins (XAUT) were in circulation by the end of Q2, marking the asset’s second official attestation since its launch in 2020.
XAUT is pegged to one troy ounce of London Good Delivery gold. The token’s market cap has surpassed $814 million, supported by 7.6 tons of reserves, slightly below the 7.7 tons reported in the previous quarter. To date, sales have reached $617 million, while unrealized profit stood at $197 million at the end of June.
The token is listed on Kraken, KuCoin, and Bitfinex, offering investors access to gold without physical ownership. Holders may also redeem their tokens for bullion stored in Swiss vaults.
Growing demand has been fueled by a 27% rally in gold prices since January, with the metal currently trading near $3,354.
“Gold-backed digital assets like XAUT are increasingly seen as a portfolio hedge,” Tether said in a statement.
Expansion Plans
Tether is also preparing for a US launch. CEO Paolo Ardoino told Bloomberg on July 24 that the company intends to register as a foreign stablecoin issuer and secure a reserves audit from a Big Four firm. The move is aimed at compliance with the recently adopted GENIUS Act, which sets new standards for stablecoin regulation in the United States.
Earlier, FORECK.INFO reported on “Tether Holds $8 Billion in Gold Reserves, Strengthens Compliance with Crystal Intelligence” — covering how the company expanded its gold-backed strategy while boosting cooperation with law enforcement worldwide.