Tether, the corporate behind the USDT stablecoin is working with crypto miner financing agency Antalpha to lift at the very least $200 million for a brand new digital asset treasury for tokenized gold, Bloomberg reported Friday, citing sources acquainted with the matter.
The deliberate car would stockpile a blockchain-based token backed by bodily gold bars beneath custody in a Swiss vault. XAUT is the largest tokenized gold providing available on the market with practically $1.5 billion market capitalization.
Antalpha is named a key lender of Chinese language crypto mining gear producer Bitmain, and provides provide chain and margin loans.
The report follows an expanded partnership between Tether and Antalpha, introduced on Monday, to launch a devoted hub for XAUT-backed lending, custody and token redemption providers. Antalpha stated then it plans to work with companions to open vaults in main monetary hubs, permitting customers to redeem digital tokens for bodily gold.
Tether has expanded past issuing its flagship USDT token, the most important stablecoin boasting a $174 billion provide, with investments spanning throughout bitcoin mining, funds, power and synthetic intelligence (AI). It was a lead investor, alongside Bitfinex, with which it shares key executives and possession, and SoftBank, in bitcoin treasury agency XXI Capital that launched earlier this yr. Tether additionally reportedly seeks to lift funds at a $500 billion valuation to gas its enlargement.
Paolo Ardoino, CEO of Tether, has been a vocal proponent of gold as a tough asset, The corporate held $8.7 billion within the yellow steel on its steadiness sheet, based on its June attestation.
