CoinDesk / Bloomberg Style

Tether’s Tokenized Gold Holdings Climb to 11.6 Tons as Market Cap Tops $2B
29/10/2025

Tether’s gold-backed token, XAUT, surged to a market capitalization of more than $2 billion, fueled by record gold prices and growing retail demand, CEO Paolo Ardoino said in an interview.

According to company data, the stablecoin issuer now holds over 11.6 tons of physical gold to back its XAUT tokens, issued by TG Commodities under El Salvador’s digital asset framework. Each token is backed 1:1 by a fine troy ounce of gold, with reserves stored in Switzerland.

Tether’s gold reserves — totaling about 375,000 ounces — grew sharply through the third quarter, as gold rallied amid rising inflation and geopolitical uncertainty. The token’s market value rose from $1.4 billion in Q3 to $2.1 billion in October, tracking gold’s climb toward $4,500 per ounce.

Ardoino said that retail participation from emerging markets has driven much of the growth, as investors seek exposure to gold without the complexities of physical storage or traditional ETFs.