Tether Partners with Antalpha to Launch $200M Tokenized Gold Treasury

Tether, the issuer of the world’s largest stablecoin USDT, is expanding its footprint in the digital asset space with a new initiative focused on tokenized gold. According to Bloomberg, Tether is collaborating with Antalpha, a crypto miner financing firm, to raise at least $200 million for a new digital asset treasury centered around XAUT, Tether’s gold-backed token.

The planned fund will accumulate reserves of XAUT, a blockchain-based token supported by physical gold stored in a Swiss vault. With nearly $1.5 billion in market capitalization, XAUT is currently the largest tokenized gold offering on the market. This move comes shortly after Tether and Antalpha announced an expanded partnership to build infrastructure for XAUT-backed lending, custody, and redemption services. Antalpha also revealed plans to establish vaults in major financial hubs, allowing investors to redeem digital tokens directly for physical gold.

Antalpha is widely recognized as a key lender to Bitmain, China’s leading crypto mining hardware producer, offering both supply chain and margin loans. By extending its relationship with Tether, the firm is positioning itself as a central player in the tokenized gold ecosystem.

This initiative reflects Tether’s growing diversification beyond USDT, which currently boasts a supply of around $174 billion. The company has been actively investing in bitcoin mining, payments, renewable energy, and artificial intelligence. Earlier this year, Tether—alongside Bitfinex and SoftBank—backed XXI Capital, a bitcoin treasury firm. Reports also suggest that Tether is exploring fundraising efforts at a valuation near $500 billion to support further expansion.

CEO Paolo Ardoino has consistently promoted gold as a resilient store of value. Tether’s June attestation revealed it held $8.7 billion in physical gold, underscoring the company’s long-term commitment to the asset. By building a dedicated treasury for XAUT, Tether is aiming to strengthen its role in bridging traditional safe-haven assets with the digital economy.