Tether 黃金代幣 XAUT 將開放抵押借款，讓 230 億黃金儲備「變活錢」

Tether is bringing approximately $23 billion in physical gold reserves into the lending market, allowing XAUT holders to borrow funds by collateralizing their gold tokens while retaining ownership of the underlying gold.
(Previous context: Tether's Gold Empire: The "Borderless Central Bank" Ambitions and Fractures)
(Background supplement: Tether Partners with Fasset to Launch Gold Visa Card! Offers 6% Cash Back, XAUT Enters Everyday Payments)

Table of Contents

Toggle

• XAUT: One Token, One Ounce of Gold Held in Swiss Vaults
• Tether's Gold Ambition: 140 Metric Tons, Top 30 Holders Globally
• Ledn's Bottom Line: Collateral Held 1:1, Not Lent Out, Not Used to Generate Yield

The world's largest stablecoin issuer, Tether, is putting its gold reserves to work, introducing approximately $23 billion in physical gold reserves into the lending market. In partnership with crypto lending company Ledn, it will launch a gold-backed borrowing service. XAUT holders can simply pledge their gold tokens as collateral to borrow funds without having to sell the underlying gold. (The official launch date has not been announced yet, expected later this year)

XAUT: One Token, One Ounce of Gold Held in Swiss Vaults

The design of Tether's gold token, XAUT, is straightforward: each XAUT corresponds to one troy ounce of physical gold, all stored in Swiss vaults. Holders can request physical redemption at any time.

In the announcement, Tether CEO Paolo Ardoino stated: "As digital assets play an increasingly important role in the global economy, the market's demand for solutions that can accommodate both long-term holdings and financial flexibility is growing day by day."

Tether's Gold Ambition: 140 Metric Tons, Top 30 Holders Globally

Behind this strategy lies Tether's astonishing accumulation of gold reserves. Currently, Tether holds approximately 140 metric tons of physical gold, making it one of the largest corporate gold holders globally.

According to estimates from investment bank Jefferies, Tether's gold reserves may actually range between 148 and 154 metric tons, with a purchasing pace surpassing some sovereign nations; its holdings have exceeded those of countries such as Australia, the UAE, Qatar, South Korea, and Greece, firmly placing it among the top 30 gold holders worldwide.

Tether's gold strategy is not limited to XAUT lending alone but is multi-pronged:

• Investment in precious metals trading platform Gold.com, entering the retail gold trading market
• Collaboration with crypto financing company Antalpha to expand XAUT lending services and strengthen physical gold redemption channels
• Continuous expansion of XAUT circulation, promoting the application scenarios of gold tokens within the crypto-financial ecosystem

Ledn's Bottom Line: Collateral Held 1:1, Not Lent Out, Not Used to Generate Yield

Ledn specifically emphasizes one thing in this partnership: client collateral is always held at a 1:1 ratio, never lent out, and never used in any yield-generating operations.

This stance has its background. During the 2022 crypto winter, lending platforms like Celsius and BlockFi moved client collateral to generate yield and engaged in high-risk strategies, ultimately becoming insolvent and collapsing one after another when the market crashed. Ledn deliberately draws a clear line, targeting users who were burned in 2022 and have since maintained a high level of vigilance toward crypto lending platforms.

Gold-backed lending is not unfamiliar in the traditional financial world, having long been the exclusive domain of central banks, large financial institutions, and bullion dealers. The partnership between Tether and Ledn essentially brings this model into the world of crypto-native users, lowering the barrier to participation.