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Tether will put its $23 billion worth of gold reserves to use by launching a physical gold lending business secured by pledged physical gold.
Tether is seeking to monetize what has become one of the largest privately held gold reserves in the world. The stablecoin company said it holds approximately $23 billion in physical gold as collateral for XAUT, with each token representing one troy ounce of gold stored in a Swiss vault.
Gold-backed loans have traditionally been the domain of central banks, large financial institutions, and gold dealers. Tether and Ledn believe that by tokenizing physical gold, the asset can function as digital collateral more like physical Bitcoin, thereby unlocking liquidity without selling the gold.
This continues the model that Ledn has used for Bitcoin-backed loans for years. Ledn said that client collateral will remain on a 1:1 basis and will not be lent out or used to generate yield, in an attempt to differentiate its services from those of former competitors that collapsed during the 2022 crypto winter.