Tether brings gold-backed stablecoin to Thailand as inflation hedge demand grows

Tether has listed its gold-backed token XAUT on Maxbit, making the Thai platform the first in the country to offer access to the blockchain-based precious metal asset. Stablecoin issuer Tether is bringing its gold-backed token, Tether Gold (XAUT), to Thailand through a new listing on Maxbit, a local crypto exchange launched as a joint venture with SET-listed PTG Energy, the company said in a press release on Tuesday. Tether CEO Paolo Ardoino called the move a “significant milestone” as demand grows for users “increasingly seeking resilient, asset-backed solutions.” “We are pleased to see XAUT listed on Maxbit, marking a significant milestone as the first platform to offer access to our gold-backed digital asset in Thailand.” Paolo Ardoino Per Tether’s attestation report, the company holds 246,523.33 ounces of gold, totaling more than 7.7 tons. As Tether earlier revealed, the token is backed 1:1 by one troy ounce of physical gold, stored in a dedicated vault within facilities in Switzerland. XAUT’s market capitalization stood at over $770 million as of April 28, with the token trading around $3,300 and peaking at $3,423 on April 21, in line with gold’s recent rally. In June 2024, Tether introduced a new asset class backed by Tether Gold, aiming to improve stability for users. The over-collateralized token, known as aUSDT, is designed to track the value of one U.S. dollar but relies on gold reserves instead of traditional fiat-backed structures. Source: https://crypto.news/tether-brings-gold-backed-stablecoin-to-thailand-as-inflation-hedge-demand-grows/