Tether, the issuer of the popular stablecoin USDT, is collaborating with crypto financing firm Antalpha to create a new digital asset treasury focused on tokenized gold. According to a report from Bloomberg, the venture aims to raise at least $200 million to stockpile Tether Gold (XAUT), a gold-backed token that aligns with Tether’s expanding portfolio.
Antalpha is recognized as a key lender to the mining hardware manufacturer Bitmain and has recently launched lending and infrastructure tools specifically for Tether Gold. This partnership marks a significant step for Tether, which is diversifying its offerings beyond USDT, currently valued at approximately $174 billion in market supply.
The new treasury, which is set to enhance Tether’s presence in the gold market, seeks to provide users with the ability to redeem digital tokens for physical gold. Antalpha has stated that it plans to work with partners to establish vaults in major financial hubs, facilitating this process.
Tether has been actively investing across various sectors, including bitcoin mining, payments, energy, and artificial intelligence. It has also been a lead investor in bitcoin treasury firms, demonstrating a commitment to hard assets. As part of its strategy, Tether now holds $8.7 billion in gold on its balance sheet, as indicated by its recent financial disclosures.
Paolo Ardoino, CEO of Tether, has been vocal about the importance of gold as a hard asset, positioning the company to capitalize on growing interest in tokenized commodities. This initiative represents Tether’s ambition to create a more robust digital asset ecosystem and to explore new avenues for investment and liquidity in the crypto space.
This partnership with Antalpha is poised to play a crucial role in shaping the future of digital assets linked to physical commodities, as the demand for tokenized gold continues to rise in today’s evolving financial landscape.
