“Tether’s gold-backed token swelled above $2 billion market cap, driven by record prices and surging retail demand, CEO Paolo Ardoino said in an interview.”, — write: www.coindesk.com
XAUT$3,956.48issued by TG Commodities under El Salvador’s digital asset framework, was backed by more than 375,000 ounces, roughly 11.6 tons, of physical gold as of September 30. Each token is backed 1:1 by a fine troy ounce of gold, with reserves held in Switzerland, according to a company statement.
XAUT’s market cap soared over 1.4 billion in the third quarter as gold rallied to new record highs amid inflation concerns, geopolitical instability and rising demand from central banks. The token continued to swell through October hitting $2.1 billion as gold hit a $4,500 high.
The market cap growth was largely driven by surging demand from retail investors in emerging countries, Tether CEO Paolo Ardoino told CoinDesk in an interview last week.
Tokenized gold allows investors to hold a blockchain-based representation of the physical asset in a crypto wallet without the complexities of custody or logistics of storing bullion. It also makes yellow metal accessible to investors who don’t have access to other traditional derivative financial products like exchange-traded funds (ETF) or opening a metals account.
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Volume spiked 180% above average as nearly 2.7M tokens traded in a single minute.
- SUI dropped 3.4% Tuesday, breaking below key $2.60 support as volume surged on likely institutional selling.
- Price fell sharply after 14:00 ET, with nearly 2.7M tokens traded in one minute during a late-day selloff.
- The CoinDesk CD5 Index slid 1.67%, closing under $2,000 as broader crypto markets lost earlier momentum.
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