Tether and AP Holdings raise $200 million to create XAUT treasury

$200 million vehicle to accumulate XAUT

The proposed public vehicle, which is still under negotiation according to sources familiar with the matter, would deploy new capital dedicated to purchasing XAUT – each token redeemable for one ounce of physical gold stored in Swiss vaults.

Antalpha, a Bitmain-affiliated platform specializing in cryptocurrency treasury services, will lead the operations, which will include the construction of physical treasuries in major financial centers such as London, Singapore, and New York. The infrastructure is intended to enable seamless token-to-bar transactions, reducing the friction that has long plagued tokenized commodities.

Tether's XAUT, launched in 2020, now has over 250,000 tokens in circulation, backed by 7.66 tonnes of London Good Delivery gold bullion. The Treasury will augment this, with proceeds earmarked for lending protocols offering XAUT-collateralized loans at 2-5% APY - integrating with DeFi hubs like Aave and Compound. No specific timeline for the capital raise has been disclosed, but Antalpha's previous XAUT lending and custody pilots suggest the rollout will take place in Q1 2026.

From Stablecoin Skeptic to RWA Pioneer

Tether's evolution from an opaque issuer to an RWA architect stems from regulatory relief in 2023, when the company signed agreements with custodians like BDO for transparent audits.

Antalpha entered the fray in early 2025, launching yield products backed by XAUT, attracting $500 million TVL in just a few months. What’s the synergy between the two? Antalpha’s mining legacy (via Bitmain) ensures strong custody capabilities, while Tether’s $175 billion USDT dominance boosts liquidity—XAUT trades $50 million per day on major exchanges like HTX.

In a crowded RWA market — PAXG ($600 million market cap) and BlackRock's BUIDL ($1 billion) — XAUT's advantage lies in Tether's scale and redemption network. Antalpha's vault solves a key problem, as only 10% of tokenized gold is physically traded, according to RWA.xyz. This vault can help, targeting institutions wary of pure crypto but eyeing gold's 12% annual return amid geopolitical tensions (Ukraine, Middle East).

Evaluation and Conclusion

The creation of the $200 million gold token treasury marks a pivotal moment in Tether’s transformation from a stablecoin issuer to a global digital asset conglomerate. By anchoring value to a physical commodity and connecting it to blockchain infrastructure, Tether and aP Holdings are building a hybrid financial model where real assets meet programmable currencies.

If successful, this initiative could set a precedent for future tokenized commodity treasuries, positioning Tether as a leading player not only in the fiat-backed stablecoin space but also in the emerging RWA economy.

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