Gold-backed stablecoin Tether Gold’s entire market charge these days soared above $800 million as investors continued embracing stable-haven property amid concerns over rising inflation, with a newly released attestation from a Third-occasion auditing company displaying true how noteworthy gold that Tether is stockpiling to aid the token.
The cryptocurrency hit a $770 million market capitalization as of March 31 and became as soon as backed by extra than 7.7 loads of gold, in conserving with a file from accounting company BDO Italia. Mirroring the charge upward push of an ounce of gold, XAUT became as soon as procuring and selling at about $3,123 as of that date, up 9.6% from the extinguish of the final monetary quarter, Tether talked about in an announcement.
As of this writing, the charge of XAUT has climbed to $3,344, per data from CoinGecko, using the market cap for the coin to roughly $825 million. Tether released its first attestation for the token on Monday.
“Whereas central banks are stacking up loads of of loads of gold, XAUT is decided to become the now not original tokenized gold product for the of us and institutions,” Tether CEO Paolo Ardoino talked about in a social media post.
XAUt – Tether Gold stablecoin – first attestation is out šŖ
Highlights:
– extra than 7.7 loads of bodily gold backing 100% of the issued tokens
– gaining crucial traction in emerging markets
– several original exchange listings within the pipeline
– solid compliance
– XAUt bodilyā¦ https://t.co/KDrN1KpPgxā Paolo Ardoino š¤ (@paoloardoino) April 28, 2025
The growth in Tether Gold’s market charge comes as investors flock to risk-off property such as gold amid economistsā warnings that U.S. President Donald Trump’s alternate struggle can even set up upward rigidity on particular person prices.
The associated charge of gold has risen 7% since April 2, when the Trump administration unveiled a proposal to impose sweeping tariffs on its international procuring and selling partners. Gold has continued to place of residing original all-time high label marks in most recent weeks amid broader market volatility.
Meanwhile, monetary institutions have extra and extra sought to snap up gold over the previous couple of years, with 29% of central banks reporting their intentions to bolster their reserves of the asset over the following twelve months, in conserving with the World Gold Council’s 2024 Central Bank Gold Reserves (CBGR) file.
This most recent XAUT-focused file has stoked prolonged-time concerns over Tether’s monetary reporting practices, in particular around its market-leading USDT stablecoin.
The attestation from BDO Italia doesn’t consist of basic statements and disclosures from the stablecoin issuer, that technique it doesn’t follow world monetary reporting standardsāthe worldwide gold now not original for monetary reporting.
The company’s critics have known as for the multi-billion-greenback company to receive just audits, and Tether became as soon as reportedly taking a understand to contract a āMountainous 4ā auditing company to rob into narrative its reserves as of earlier this three hundred and sixty five days.
Tether did no longer straight away reply to Decrypt‘s inquiry into whether or no longer the company would continue using BDO Italia for monetary products’ attestations.
BDO Italia has fielded several allegations that its reporting practices violate auditing standards. Earlier this three hundred and sixty five days, Italy’s basic securities regulator CONSOB slapped the company with a $250 million ravishing, Italian newspaper La Repubblica reported. Meanwhile, the U.S. Securities and Replace Commission charged BDO Italia with inserting out āmisleading and misleadingā audit opinions in 2015, a press open from the company reveals.
Edited by Andrew Hayward
