Tether Gold (XAUT) Achieves $770 Million Market Cap Backed by 7.7 Tons of Gold
Tether Gold (XAUT) has achieved a market capitalization of $770 million as of April 28, based on its first attestation under El Salvador's financial regulations.
- XAUT is backed 1:1 by 246,523.33 ounces (over 7.7 tons) of physical gold stored in a Swiss vault.
- Each token represents one troy ounce of LBMA-certified gold.
- Tether implements strict controls, including gold bar verification and audits, to ensure the integrity of the backing.
- Global investors are increasingly turning to gold as a hedge against economic instability, with central banks, especially in BRICS nations, purchasing over 1,044 metric tons in 2024.
- The price of gold has risen approximately 27% year-to-date, currently trading at $3,343 per ounce, having doubled since November 2022.
- Tether positions XAUT as a safer alternative to other tokenized gold products due to its physical backing and regulation.