Tether Gold Hits $770M, Fully Backed by Swiss Vault Gold

Tether has announced that its tokenized gold product, XAUT , has reached a $770 million market cap , with each token backed 1:1 by LBMA-certified gold . A total of 246,523.33 troy ounces — around 7.7 tons — is securely stored in a Swiss vault, according to Tether’s first official attestation under El Salvador’s financial regulations. The company says XAUT’s growth is largely driven by increased demand for gold, which is being used as a hedge against inflation and global uncertainty. Central banks, especially those in BRICS nations, have been major buyers this year, collectively adding over 1,000 metric tons to their reserves in 2024. With gold prices climbing more than 27% this year and hitting $3,343 per ounce , XAUT is being promoted by Tether as a trusted digital alternative. CEO Paolo Ardoino claims the token could become a standard for those seeking physically backed digital gold — especially in a market where not all gold tokens guarantee actual metal backing. Tether emphasizes that its product stands apart through regular audits and gold bar verification , offering a more transparent and reliable option compared to unbacked or partially backed gold-based tokens.