Tokenized gold boom trims Tether Gold’s market share despite rising XAUT supply

Tether Gold's (XAUT) share of the tokenized gold market narrowed in January, dropping to slightly over 50% (a market cap of roughly $2.6 billion out of a total $5.25 billion) from 60% at the end of 2025, even as the overall sector expanded rapidly amid surging spot gold prices. A year-end attestation for December 31, 2025, verified that the issuer held 520,089.350 fine troy ounces of gold, backing the XAUT tokens at a 1:1 ratio, with the gold valued at $2.25 billion based on a price around $4,320 per ounce. Tether Gold Investments added about 27 metric tons of gold exposure in Q4 2025, a volume comparable to many central bank purchases. Tether CEO Paolo Ardoino emphasized XAUT's role in removing ambiguity amid weakening confidence in monetary systems, as spot gold prices continued to reach new highs, exceeding $5,100 per troy ounce.

(Source：The Block)