According to Cointelegraph, Tether has announced a phased shutdown of its gold-backed stablecoin aUSDT to focus on its core product, XAUT. Launched in June 2024, aUSDT currently has a market capitalization of approximately $1.2 million and is backed by 14.73 kilograms of gold. The shutdown will occur in stages, with users required to redeem their holdings for XAUT by September 17. Tether is redirecting its resources toward core products such as XAUT, which currently has a market capitalization of $3 billion and is backed by 22,169 kilograms of physical gold.
Tether to Phase Out aUSDT, Focus on XAUT
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Summary
Tether announced in a recent on-chain update that it will phase out its gold-backed stablecoin, aUSDT, which was launched in June 2024 with a market cap of $1.2 million. The company is refocusing its efforts on XAUT, its flagship product backed by 22,169 kilograms of physical gold and currently valued at $3 billion. Users must redeem their XAUT by September 17. This market update underscores Tether’s ongoing reallocation of its stablecoin portfolio.
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