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ether has revealed it holds $770 million worth of physical gold to back its Tether Gold (XAUT) stablecoin. The company, known for its USDT and other stable assets, launched XAUT in 2020 to give users a digital option tied to real-world gold, blending blend the traditional security of gold with the convenience and speed of blockchain technology.
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Each XAUT token represents direct ownership of one ounce of gold, secured in Swiss vaults. While Tether has confirmed the gold is fully reserved, it has chosen not to disclose the exact vault locations for security reasons.
Paolo Ardoino, CEO of Tether, highlighted the importance of XAUT by saying, “Tether Gold continues to demonstrate the strength and resilience of gold as a store of value, especially in times of economic uncertainty. With XAUT, we’re offering users the ability to access the security of physical gold in a digital form—secure, easily transferable, and backed 1:1 by fully held gold reserves.”
Tether also made it clear that third-party custodians conduct regular audits to verify that the gold reserves match the number of XAUT tokens in circulation. The move reflects ongoing industry pressure for greater transparency around stablecoin reserves.
The update comes shortly after Tether announced the appointment of a new chief financial officer and a plan to complete a full audit of its operations, signaling efforts to build more trust within the digital asset community.