BlockBeats news: On June 28, Tether is further deploying its approximately $23 billion gold reserve by partnering with the crypto lending platform Ledn to expand the use cases for tokenized gold, Tether Gold (XAUT). Ledn has announced support for XAUT and plans to launch XAUT-backed lending services later this year, alongside its existing Bitcoin and USDT-backed lending products.
It is reported that each XAUT token is backed by one troy ounce of physical gold stored in a Swiss vault. Tether states that it holds approximately $23 billion in gold reserves to provide 1:1 backing for XAUT. In the future, users will be able to obtain liquidity by collateralizing XAUT without selling their gold assets, a model similar to Bitcoin-backed lending.
Tether CEO Paolo Ardoino said that as digital assets grow in importance within the global economy, demand for financial instruments that balance long-term holding with liquidity continues to rise.
In recent years, Tether has continued to expand its business footprint using profits generated by USDT, accumulating approximately 140 metric tons of physical gold, investing in the precious metals trading platform Gold.com, and collaborating with the crypto financing company Antalpha to advance the use of XAUT in lending and physical redemption. Additionally, Tether has ventured into Bitcoin mining, renewable energy, AI infrastructure, and computing power.