Tether Launches Gold-backed Token XAUT on Thai Platform Maxbit
Tether has introduced its gold-backed token, XAUT, on Maxbit, a Thai crypto exchange.This marks the first time a Thai platform offers access to this blockchain-based precious metal asset.
Maxbit, a joint venture with SET-listed PTG Energy, now lists Tether Gold (XAUT). Tether CEO paolo Ardoino views this as a notable step. He notes growing demand for resilient, asset-backed solutions.
Ardoino said, “We’re excited to see XAUT on Maxbit. It’s a milestone for Thailand’s crypto scene.”
Tether holds over 7.7 tons of gold, backing each XAUT token with one troy ounce of physical gold. The gold is stored in a Swiss vault.
XAUT’s market cap is over $770 million. It trades around $3,300, peaking at $3,423 on April 21, following gold’s recent rise.
In June 2024, Tether introduced aUSDT, an over-collateralized token.It tracks the U.S. dollar’s value but uses gold reserves rather of conventional fiat backing.
Key points:
- XAUT listed on Maxbit, a Thai crypto exchange.
- Each XAUT token backed by one troy ounce of physical gold.
- XAUT’s market cap exceeds $770 million.
- aUSDT introduced to improve stability using gold reserves.
