Tethers Gold-Backed Crypto Hits Record High Amid Investor Surge
Priced at $3,123.57 per token with a total market cap of $770 million, XAUT hit an all-time high of $3,423 earlier this month a 9.6% gain since the end of the first quarter.
Tether emphasized that XAUT leads the tokenized gold sector in terms of market size, security, and regulatory compliance. The attestation is seen as a move to boost transparency and attract greater interest from both institutional and retail investors.
Strong global demand for gold has provided additional momentum. Tether pointed to rising geopolitical tensions and fears of economic instability as major factors pushing investors toward safer assets like gold and by extension, XAUT.
Gold itself has had a standout year, with prices outperforming the S&P 500 by over 32%, according to The Kobeissi Letter. Central banks are also ramping up their reserves, with global holdings now at their highest share of international reserves in 26 years. China has been particularly aggressive, doubling its gold reserves since early 2023.
Looking ahead, Tether CEO Paolo Ardoino outlined plans to expand XAUTs reach in emerging markets, aiming to offer the security of physical gold combined with the flexibility and speed of blockchain technology.
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Text source: Coindoo
