Tether announced a partnership with the TON Foundation to launch its gold stablecoin XAUt (XAUT) in a full-chain version on the Open Network (TON), aiming to expand the token across multiple ecosystems.
The new token "XAUt0" is built on the LayerZero full-chain interchangeable token standard, which allows tokens to be transferred between blockchains without the need for wrapping or intermediary chains.
XAUt, the non-full-chain version of the token, is the largest gold stablecoin by market capitalization, with a market cap exceeding $832 million, according to CoinGecko. It is followed by Paxos' Pax Gold (PAXG), which had a market cap of $811 million as of June 2. XAUt is currently only available on the Ethereum blockchain.
According to Tether's proof report for the first quarter of 2025, the company holds over 7.7 tons of physical gold backing the XAUT stablecoin. Each XAUt token represents one troy ounce of global assets, which are reportedly stored in a vault in Switzerland.
XAUt0 may mimic Tether's launch of USDT0 (USDT0), a cross-chain dollar-backed stablecoin deployed on Optimism's Superchain, which has at least eight blockchains. USDT0 is the bridging token for Tether's dollar-backed stablecoin USDt (USDT).
Tether is also set to deploy USDt on the TON blockchain in April 2024.
Gold is viewed as a safe-haven asset, experiencing a sharp price increase in 2025 due to economic uncertainty, particularly the ongoing global trade war.
On May 30, the price of gold was $3,304 per ounce, up 29.5% from $2,327 a year ago, marking a 12-month growth of 29.5%. Additionally, gold exchange-traded funds (ETFs) have seen significant gains this year, with the top eight funds ranked by total assets increasing by over 25%.
Gold ETFs are a popular way to trade this asset. Tether's full-chain gold token will compete with similar ETFs and other traditional gold investment tools.
Related: SEC Commissioner Interpretation: Securities Law Goes Beyond Simple Definitions
Original article: “Tether Launches Full-Chain Gold Stablecoin on TON Blockchain”
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