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crypto.news 2025-05-13 10:02:28

Tether brings gold-backed stablecoin to Thailand as inflation hedge demand grows

Tether brings gold-backed stablecoin to Thailand as inflation hedge demand grows

Tether has listed its gold-backed token XAUT on Maxbit, making the Thai platform the first in the country to offer access to the blockchain-based precious metal asset. Stablecoin issuer Tether is bringing its gold-backed token, Tether Gold ( XAUT ), to Thailand through a new listing on Maxbit, a local crypto exchange launched as a joint venture with SET-listed PTG Energy, the company said in a press release on Tuesday. Tether CEO Paolo Ardoino called the move a “significant milestone” as demand grows for users “increasingly seeking resilient, asset-backed solutions.” “We are pleased to see XAUT listed on Maxbit, marking a significant milestone as the first platform to offer access to our gold-backed digital asset in Thailand.” Paolo Ardoino You might also like: CryptoQuant CEO: Dark stablecoins will likely emerge, here’s why Per Tether’s attestation report , the company holds 246,523.33 ounces of gold, totaling more than 7.7 tons. As Tether earlier revealed, the token is backed 1:1 by one troy ounce of physical gold, stored in a dedicated vault within facilities in Switzerland. XAUT’s market capitalization stood at over $770 million as of April 28, with the token trading around $3,300 and peaking at $3,423 on April 21, in line with gold’s recent rally. In June 2024, Tether introduced a new asset class backed by Tether Gold, aiming to improve stability for users. The over-collateralized token, known as aUSDT, is designed to track the value of one U.S. dollar but relies on gold reserves instead of traditional fiat-backed structures. Read more: Tron flips Ethereum in USDT supply amid growing on-chain activity

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