Tether and Antalpha Platform are pursuing at least $200 million in funding for a digital asset treasury focused on accumulating Tether's gold‑backed XAUT token, Bloomberg reported Friday, citing sources familiar with the matter.
The planned vehicle would stockpile XAUT, a blockchain‑based token backed by physical gold bars held in a Swiss vault. The world’s largest stablecoin issuer is partnering with Singapore‑based Antalpha Platform Holding to establish the treasury structure.
XAUT represents the largest tokenized gold offering on the market with nearly $1.5 billion in market capitalization. Nearly 250,000 Tether Gold tokens were in circulation as of the second quarter, backed by more than 7.66 tons of physical gold, according to Tether's July disclosure.
Antalpha Platform maintains close ties to China’s Bitmain Technologies, a major Bitcoin mining machine manufacturer that supplies over 80 % of the world’s crypto mining equipment. The Cambridge Judge Business School report confirms Bitmain's dominant position in the mining hardware sector.
Tether acquired an 8.1 % stake in Antalpha when the company completed its initial public offering in May. The partnership expanded last month with Antalpha launching XAUT‑backed lending and full‑stack infrastructure solutions in collaboration with the stablecoin issuer.
The new treasury follows Tether's investment in Bitcoin treasury company XXI Capital, launched earlier this year alongside Bitfinex and SoftBank as lead investors. Several digital asset treasuries have formed recently to accumulate tokens and drive ecosystem growth for underlying cryptocurrencies.
Antalpha plans to work with partners to open vaults in major financial hubs, allowing users to redeem digital tokens for physical gold. This dedicated hub for $XAUT‑backed lending, custody and token redemption services represents an expansion of tokenized asset infrastructure.
Tether has expanded well beyond its flagship USDT token, which boasts a $174 billion supply as the largest stablecoin. The company’s investments now span Bitcoin mining, payments, energy, and artificial intelligence sectors, with reports suggesting fundraising at a $500 billion valuation.
Paolo Ardoino, CEO of Tether, has advocated strongly for gold as a hard asset store of value. The company held $8.7 billion in gold on its balance sheet according to its June attestation, demonstrating a significant commitment to the precious metal alongside its digital asset operations.

