Tether Eyes $200M for Tokenized Gold Crypto Treasury With Antalpha

Tether, recognized as the largest stablecoin issuer globally, is deepening its presence in digital assets through a new initiative focused on tokenized gold. The company is in talks with crypto financing firm Antalpha Platform Holding to secure about $200 million for a public company designed to invest in gold-backed digital tokens.

Tether and Antalpha Strengthen XAUt Infrastructure

The project, according to reports from Bloomberg, seeks to establish a public investment vehicle that will accumulate reserves of Tether’s gold-backed token, XAUt. The planned fund aims to unite traditional gold holdings with blockchain-based assets, creating a digital treasury designed to balance stability with innovation. Cohen & Co. has been named the lead adviser for the fundraising effort.

If successful, the vehicle would use the capital to stockpile XAUt, Tether’s gold token.

The initiative builds on the deepening partnership between the two companies. On September 29, Antalpha announced an expanded collaboration with Tether aimed at broadening access to XAUt. As part of the new phase, Antalpha introduced XAUt-backed lending and comprehensive infrastructure services to support the token’s growth and adoption.

Antalpha also announced plans to build physical vaults in key financial hubs worldwide. These facilities will allow investors to exchange their digital tokens for actual gold bars, linking blockchain-based assets directly to physical metal. Tether had already strengthened its ties with Antalpha in May by acquiring an 8.1% stake during the company’s initial public offering.

Meanwhile, Antalpha maintains close ties with Bitmain Technologies, a leading manufacturer of Bitcoin mining hardware that supplies over 80% of the world’s cryptocurrency mining equipment.

XAUt’s Market Leadership Amid Rising Gold Prices

XAUt, Tether’s gold-backed token, has become the market leader among tokenized commodities. With a market capitalization of around $1.5 billion, it remains the most valuable digital asset tied to physical gold. Each token represents ownership of actual gold stored securely, giving investors a modern and efficient way to hold the precious metal.

The timing of this initiative aligns with a strong year for gold. The metal’s price has surged by roughly 46% in 2025, driven by global economic uncertainty and increased demand for stable assets. Paolo Ardoino, a senior executive at Tether and a known advocate of gold as a hard asset, noted on his X platform that gold prices have been breaking record highs as concerns over global stability intensify.

This rise in value has renewed investor interest in gold-backed digital instruments like XAUt, which offer both the security of physical gold and the convenience of blockchain technology. Tether and Antalpha’s plan to raise funds for a public investment vehicle reflects that momentum.

Tether’s Broader Expansion Beyond Stablecoins

Beyond its main USDT stablecoin, Tether has been steadily expanding into other sectors of the digital economy, investing in emerging technologies and infrastructure. These moves reflect the company’s strategy to diversify its operations and reinforce its presence in global digital finance.

As part of this broader growth strategy, earlier this year Tether joined Bitfinex and SoftBank as lead investors in XXI Capital, a Bitcoin treasury management firm. In September, Cointribune reported that Tether is exploring a fundraising effort of up to $20 billion to strengthen its main stablecoin operations. Such a deal would give the company an estimated valuation of around $500 billion, placing it among the world’s most valuable privately held firms.