Tether Reveals $770,000,000 Physical Gold Bullion Reserves Backing XAUT Stablecoin

Tether, the company behind several leading cryptocurrency stablecoins, including USDT , announced Wednesday that it holds $770 million in physical gold bullion reserves backing its Tether Gold ( XAUT ) stablecoin. Launched in 2020, XAUT is a digital asset pegged to the price of one ounce of physical gold. According to the new press release from Tether, each token represents direct ownership of gold bars held in secured Swiss vaults. Says Paolo Ardoino, CEO of Tether, “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. It’s part of our broader commitment to building financial tools that combine the best of traditional assets with the efficiency of blockchain technology.” The disclosure comes amid ongoing scrutiny over stablecoin reserve transparency throughout the cryptocurrency industry. The company added that third-party custodians regularly audit its gold reserves to ensure they match the number of XAUT tokens in circulation. Tether has not disclosed specific details about its vault locations, citing security concerns. Last month, Tether hired a new chief financial officer (CFO) and committed to completing a full audit. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Tether Reveals $770,000,000 Physical Gold Bullion Reserves Backing XAUT Stablecoin appeared first on The Daily Hodl .