Tether Gold (XAUt)

Tether is now one of the biggest private gold holders in the world. 140 metric tons in Swiss vaults, worth about $23 billion.

and it just started letting people borrow against that gold through Ledn, the way you borrow against bitcoin.

a stablecoin company built a gold bank. https://t.co/F3yJMn3XkH

Tether's tokenized gold product Tether Gold (XAUT) has been integrated into the crypto lending platform Ledn, and plans to launch XAUT collateral lending services later this year. Tether states that XAUT is backed 1:1 by physical gold stored in a Swiss vault, with each token representing one troy ounce of gold, currently backed by roughly $23 billion worth of gold reserves. Ledn says that XAUT used as collateral will continue to be custodial at a 1:1 ratio and will not be lent out or used to generate yield. (CoinDesk) https://t.co/nD24Qhoglh

🚨TETHER'S $23 BILLION GOLD RESERVE TO TURN INTO COLLATERAL

Tether is expanding the use of Tether Gold, or XAUT, by bringing the tokenized gold product to crypto lender Ledn.

Ledn will now support XAUT alongside BTC and USDT, with borrowing against XAUT expected later this year.

Each XAUT token represents one troy ounce of gold stored in Swiss vaults.