Tether Gold

Tether Gold (XAUT) is a tokenized commodity that gives each token holder a claim on one troy fine ounce of physical gold allocated to a specific gold bar stored in a vault in Switzerland. It is designed for people who want exposure to physical gold but prefer to hold and transfer it through a blockchain rather than through traditional custodial arrangements. The product targets anyone who finds conventional gold ownership cumbersome and wants a digital form that can be moved to any compatible on-chain address.

Each XAUT token is issued by Tether and is backed one-to-one by a designated quantity of gold held in a Swiss vault under Tether's direct control. The token exists as an ERC-20 on the Ethereum blockchain and as a TRC-20 on the TRON blockchain, and holders can transfer it between wallets without an intermediate custodian. No consensus algorithm is associated with XAUT itself; settlement relies entirely on whichever underlying blockchain the token is transferred across.

The protocol recorded trailing-twelve-month fees and revenue of 3,945,655 USD, with fees equaling revenue, meaning all collected fees are retained by the protocol rather than distributed elsewhere. The project describes itself as charging zero ongoing custody fees, so this fee figure most likely reflects transaction or redemption charges rather than a recurring holding cost paid by token owners. The total value locked sits at 3,268,680,471.69 USD on a point-in-time basis, while the market capitalization of 2,832,665,526 USD produces a market-cap-to-TVL ratio of approximately 0.87, indicating that the market currently prices the outstanding tokens at a modest discount to the stated value of the underlying gold.