Tether reported that nearly 250,000 Tether Gold (XAUT) stablecoins—approximately 246,524 tokens—were in circulation at the end of the second quarter of 2025. This marks the second official attestation of XAUT, the digital asset that was launched in 2020.
XAUT is a stablecoin pegged to the price of a troy ounce of London Good Delivery gold. According to the company, the token’s market capitalization exceeded $814 million by the close of Q2 2025. The gold reserves backing the stablecoin totaled 7.66 metric tons, slightly below the previous quarter’s figure of 7.7 metric tons.
Tether has sold XAUT tokens with a reported fair market value of $617 million. As of the end of June, the company’s unrealized profit stood at $197 million, though the specific calculation for this figure is not detailed.
XAUT is available for trading on Kraken, KuCoin, and Bitfinex. The token enables investors to gain exposure to gold without the need to physically own it; holders can redeem their tokens for physical gold stored in Swiss vaults.
According to Tether, demand for the gold-backed stablecoin is on the rise, supported by a 27% increase in the price of gold since the beginning of the year. At the time of writing, gold is trading at $3,354 per troy ounce.
A daily price chart of gold against the U.S. dollar from OANDA shows this upward trend.
“Gold digital assets like XAUT are increasingly being viewed as an important hedging tool for investment portfolios,” Tether stated.
Preparations for U.S. Market Entry
Preparations to enter the U.S. market are “in full swing,” according to Tether CEO Paolo Ardoino, who said further details of the company’s U.S. strategy will be revealed in the coming months.
To comply with the recently enacted GENIUS Act in the United States, Tether plans to seek recognition as a foreign issuer of stablecoins and secure an audit of its reserves from one of the Big Four accounting firms.
