The world’s biggest stablecoin issuer is preparing a bold new play. Tether Holdings, best known for running USDT, is working on a $200 million raise that would seed a public vehicle designed to accumulate large amounts of tokenized gold.
What makes the project stand out is the company’s choice of partner: Antalpha, a financial services group connected to Bitmain, the dominant manufacturer of Bitcoin mining hardware. Together, the two firms want to create a digital treasury built around Tether’s XAUt token, expanding their footprint in the fast-growing real-world asset sector.
Unlike USDT, which dominates crypto trading pairs, XAUt represents direct ownership of physical bullion stored in secure vaults. Demand for such products has ballooned this year as gold prices smash records amid inflation fears and geopolitical stress. Tether has already started offering secured loans backed by XAUt and is weighing the creation of vault networks in financial hubs where tokens could be redeemed for physical bars.
The move highlights how quickly the corporate treasury model pioneered by Strategy Inc. and other Bitcoin-heavy firms is spreading. More than 80 digital asset treasury companies have launched in 2025 alone, many using reverse takeovers or SPACs to secure public listings. Tether appears eager to adapt that playbook to commodities, giving institutions a new on-chain gateway into gold.
Tether’s ambitions go well beyond precious metals. The company is targeting as much as $20 billion in new capital to strengthen its core stablecoin operations and has already introduced a U.S. dollar stablecoin, USAT, with Bo Hines installed as CEO. Earlier this year, it also unveiled a Bitcoin treasury venture backed by Cantor Fitzgerald and SoftBank.
Interest from major investors has only fueled momentum. ARK Invest is reported to be considering a stake as Tether chases a $500 billion valuation that would place it among the most valuable private firms worldwide. Chief executive Paolo Ardoino has been outspoken about gold’s role in turbulent markets, calling XAUt the most efficient way to “move, hold, and trade” bullion.
With global gold demand up nearly 50% in 2025, the timing could hardly be better. If the fundraising succeeds, Tether’s gold push could reshape how investors interact with tokenized commodities and further blur the line between blockchain and traditional finance.
Source: Bloomberg
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