18 hours ago
Tether, the institution down the USDT stablecoin (USDT), is moving with crypto miner financing steadfast Antalpha to rise astatine slightest $200 cardinal for a caller integer plus treasury for tokenized gold, Bloomberg reported Friday, citing sources acquainted with the matter.
The planned conveyance would stockpile Tether Gold (XAUT), a blockchain-based token backed by carnal golden bars nether custody successful a Swiss vault. XAUT is the largest tokenized gold offering connected the marketplace with astir $1.5 cardinal marketplace capitalization.
Antalpha is known arsenic a cardinal lender of Chinese crypto mining instrumentality shaper Bitmain, and offers proviso concatenation and borderline loans.
The study follows an expanded partnership betwixt Tether and Antalpha, announced connected Monday, to motorboat a dedicated hub for XAUT-backed lending, custody and token redemption services. Antalpha said past it plans to enactment with partners to unfastened vaults successful large fiscal hubs, allowing users to redeem integer tokens for carnal gold.
Tether has expanded beyond issuing its flagship USDT token, the largest stablecoin boasting a $174 cardinal supply, with investments spanning crossed bitcoin (BTC) mining, payments, vigor and artificial quality (AI). It was a pb investor, alongside Bitfinex, with which it shares cardinal executives and ownership, and SoftBank, successful bitcoin treasury steadfast XXI Capital that launched earlier this year. Tether besides reportedly seeks to rise funds astatine a $500 cardinal valuation to substance its expansion.
Paolo Ardoino, CEO of Tether, has been a vocal proponent of golden arsenic a hard asset, The institution held $8.7 cardinal successful the yellowish metallic connected its equilibrium sheet, according to its June attestation.
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