Crypto world to hoard gold? "Stablecoin giant" raises funds to build "gold stablecoin treasury"

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The world's largest stablecoin issuer, Tether, is now extending its reach to traditional safe-haven assets—gold.

According to sources, Tether Holdings SA is working with Antalpha, a financial services firm closely associated with mining giant Bitmain, to discuss a publicly traded investment instrument, aiming to raise at least $200 million. The core mission of this instrument is singular: hoard Tether’s own gold-backed token, XAUt.

This move not only marks a deep deployment of the crypto giant into traditional safe-haven assets, but also further consolidates its strategic alliance with global mining industry leaders.

A comprehensive deepening of cooperation, from equity to business

This is not the first collaboration between the two parties.

Previously, they had already cooperated on the Tether Gold (XAUt) project. The token was launched in 2020 and currently has a market cap of $1.5 billion. In June of this year, Tether even acquired an 8.1% stake in Antalpha, establishing a capital-level link.

On the business side, on September 29, the two parties announced an expansion of their cooperation. Antalpha will provide financial services such as collateralized lending around XAUt, and plans to establish physical gold vaults in major global financial centers to support the physical redemption of tokens for gold bars.

From equity investment to business synergy, and now joint fundraising, the two parties are attempting to build a more complete ecosystem around “digital gold.”

Opportunities and risks under the wave of “treasury-ization”

This move by Tether precisely aligns with the intersection of macro hedging sentiment and internal industry innovation.

On one hand, data shows that due to geopolitical uncertainty and inflation concerns, demand for gold has surged by 46% this year, providing fertile ground for gold tokens. The market cap of Tether’s XAUt has also doubled this year.

On the other hand, the model of packaging specific crypto assets into publicly listed companies’ “digital asset treasuries” (DATs) is becoming an industry trend.

Emulating MicroStrategy’s strategy of buying and holding large amounts of Bitcoin, many companies are trying to become listed proxies for particular crypto assets through reverse mergers or SPACs and similar means.

According to PitchBook data, more than 80 such “digital asset treasury companies” (DATs) have been formed so far this year. Tether itself is deeply involved as well. For example, this April, the company announced a partnership with Cantor Fitzgerald and a SoftBank affiliate to establish a bitcoin treasury company called Twenty One Capital.

However, this model is not a guaranteed win. Recently, as institutional investor demand has weakened, the stock prices of many DATs have experienced sharp declines.

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