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Tether putting $23 billion gold stockpile to work with bullion-backed loans
Key takeaways
- Tether has expanded the use of its $23 billion gold reserves by bringing its tokenized product Tether Gold (XAUT) to crypto lender Ledn.
- Ledn said it is adding support for XAUT, alongside bitcoin BTC$60,397.73 and Tether's stablecoin USDT, with borrowing against XAUT expected later this year.
- Tether is attempting to monetize what has become one of the world's largely privately held gold reserves.
Tether has expanded the use of its $23 billion gold reserves by bringing its tokenized product Tether Gold (XAUT) to crypto lender Ledn.
Ledn said it is adding support for XAUT, alongside bitcoin BTC$60,397.73 and Tether's stablecoin USDT, with borrowing against XAUT expected later this year.
Tether is attempting to monetize what has become one of the world's largely privately held gold reserves. The stablecoin company says it holds around $23 billion worth of physical bullion backing XAUT, with each token representing one troy ounce of gold stored in vaults in Switzerland.
Article preview — originally published by CoinDesk. Full story at the source.
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