Tether Limited is a popular crypto company best-known for its USD-pegged stablecoin, USDT. With a market cap of $185 billion, USDT is the world's largest stablecoin that accounts for 59% of t
Tether Limited is a popular crypto company best-known for its USD-pegged stablecoin, USDT.
With a market cap of $185 billion, USDT is the world's largest stablecoin that accounts for 59% of the total segment.
The crypto company also issues Tether Gold (XAUT), a digital token backed by physical gold. One XAUT is backed by one fine troy ounce of physical gold.
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As per a CoinDesk report dated Feb. 9, Wall Street investment bank Jefferies estimated that Tether’s gold reserves climbed to approximately 148 tonnes worth roughly $23 billion by Jan. 31.
The crypto firm's gold holdings of 148 tonnes act as reserves backing both USDT and XAUT.
Tether’s gold holdings exceed those of countries like Australia, the United Arab Emirates, Qatar, South Korea and Greece, placing it among the world's top 30 gold holders, as per Jefferies analysts.
Crypto lender Ledn recently said it has added support for Tether's XAUT and USDT, expanding the utility of Tether's estimated $23 billion gold reserves through loans backed by its tokenized gold.
Tether CEO Paolo Ardoino said, "As digital assets become an increasingly important part of the global economy, demand is growing for solutions that combine long-term ownership with financial flexibility."
Currently, the users can hold Bitcoin and XAUT in their Ledn Transaction Accounts for long-term and receive and repay loans in Tether's USDT or USAT stablecoins.
Later this year, users will be able to borrow against XAUT, similar to borrowing against Bitcoin. As per Tether, loan collateral will never be being lent out for interest, to generate yield, or risk to fund the business.
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