Tether Gold reserves rise 9.5% as gold posts worst quarter in 13 years
XAUt added to its bullion backing during gold’s worst quarter since 2013, as tokenized commodity holder counts continued to rise.
Tether Gold reserves experienced a 9.5% increase during the second quarter, as the tokenized commodity holder counts continued to rise. Despite gold posting its worst quarter since 2013, with a 14.1% decline, the backing of Tether Gold (XAUt) saw a significant boost. According to Tether's CEO Paolo Ardoino, the rise in XAUt was due to both buyers taking advantage of the market weakness to increase their holdings and those already owning XAUt.
In the first quarter alone, the physical gold reserves supporting XAUt grew by 36% to 707,747 fine troy ounces, valued at $3.3 billion at the end of the period. The token has been certified Shariah-compliant, potentially expanding its reach among Islamic financial institutions. As of the latest report, XAUt holds the title of the largest distributed tokenized commodity product, with $2.4 billion in total value.
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