Tether Acquires 7.7 Tons of Gold to Back XAU₮ Token, $770M Market Cap, Regulated in El Salvador

Tether has announced the acquisition of 7.7 tons of gold to back its XAU₮ token, also known as Tether Gold. The company released its first official attestation for the first quarter of 2025, showing that each of the 246,523 XAU₮ tokens in circulation is backed 1:1 by one troy ounce of physical gold, stored in Switzerland. The market capitalization of XAU₮ stands at $770 million, with the token priced at $3,123.57 per token. XAU₮ reached an all-time high of $3,423 on April 21, representing a 9.6% increase since the end of the first quarter. This development comes amidst a backdrop of growing global economic uncertainty and heightened demand for safe-haven assets like gold, which has seen a notable rally in recent years. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant