Word on the street is that Tether and Antalpha are hunting for roughly $200 million to kickstart their shiny new DAT venture. Tether, the heavyweight champion of stablecoin issuance, teams up with Antalpha, the fintech whiz known for its supply chain financing and bitcoin-backed loans.

“People familiar with the matter,” speaking with Bloomberg’s Olga Kharif and Muyao Shen, spilled that the upcoming public treasury firm plans to pile up Tether’s gold-backed crypto, XAUT. With a market cap sitting at $1.45 billion, XAUT reigns supreme as the biggest gold-backed token in the game right now. Coming in second place is Paxos’ PAXG token, glimmering with a $1.16 billion market valuation.

Kharif and Shen’s report says one anonymous source further claimed that Cohen & Co. is acting as one of the lead advisors on the purported deal. Though tokenized gold sits atop the value charts among real-world assets (RWAs) linked to commodities, it hasn’t exactly gone mainstream—especially when stacked against its fiat-pegged cousins that dominate the digital finance scene.

Still, a DAT backed by tokenized gold could stir up fresh demand for crypto gold—especially with the precious metal glittering its way a lot higher this year. Such a treasury would stand apart from the usual DAT crowd, which mostly guards digital heavyweights like bitcoin, ethereum, dogecoin, solana, and their crypto kin. It’s a bold bet that bridges old-world wealth with the new age of tokenized finance, and the market will be watching every move.

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