Tether creates $495 million batch of gold tokens
Tether has minted about $495 million of its gold-backed XAU₮ token, adding a large new batch of digital bullion as the market for tokenised gold expands. Blockchain analytics firm Arkham identified the issuance on September 29, saying Tether’s latest mint involved XAU₮ rather than its much larger dollar-linked USDT stablecoin. The transaction comprised roughly 119,670 XAU₮ and was valued at about…
Tether has recently issued a substantial $495 million batch of gold-backed XAU₮ tokens, expanding the market for tokenized gold. Arkham Analytics detected the issuance on September 29, noting that XAU₮, as opposed to the larger USDT stablecoin, was involved in the transaction. The mint included approximately 119,670 XAU₮ tokens, valued at about $494.6 million at the time based on on-chain data.
At the time of issuance, around 809,000 XAU₮ tokens were circulating, with a market capitalization of roughly $3.4 billion. The tokens, each representing a fine troy ounce of physical gold held in London Good Delivery bars, are issued by TG Commodities, a Tether-affiliated entity in El Salvador. XAU₮ tokens are only issued after physical gold has completed the custodian's intake procedure, unlike USDT, which is backed by a broader portfolio of reserve assets.
As of June 30, Tether held 707,747.139 fine troy ounces of physical gold, valued at about $2.84 billion. The new mint, comprising approximately 119,670 tokens, significantly increases the token inventory since the end of June, indicating an expansion in the product's availability.
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