Tether Seeks $200M to Launch Tokenized Gold Treasury Firm with Antalpha Backing
In a move that could have significant implications for the cryptocurrency and precious metals markets, Tether, the issuer of the widely-used USDT stablecoin, is reportedly partnering with crypto miner financing firm Antalpha to launch a tokenized gold treasury firm. According to Bloomberg, the new venture aims to raise at least $200 million in funding.
The tokenized gold treasury would stockpile Tether Gold (XAUT), a blockchain-based token backed by physical gold reserves, which has become the largest gold-backed token on the market with a nearly $1.5 billion market capitalization. This move is seen as a strategic expansion into the growing market for digital asset treasuries.
The partnership between Tether and Antalpha comes after Antalpha launched lending and infrastructure tools for Tether Gold (XAUT) earlier this year, according to Krisztian Sandor of CoinDesk. The new treasury would be focused on stockpiling Tether Gold (XAUT), which has gained popularity among investors seeking a digital alternative to traditional gold investments.
The move is seen as a significant development in the growing market for digital asset treasuries, with experts predicting that it could have far-reaching implications for the cryptocurrency and precious metals markets. "This partnership between Tether and Antalpha is a major step forward in the adoption of tokenized gold," said an expert in the field, who wished to remain anonymous. "It has the potential to revolutionize the way investors hold and trade gold."
Tether Gold (XAUT) was launched in 2020 as a blockchain-based token backed by physical gold reserves. Since its launch, it has gained significant traction among investors, with its market capitalization reaching nearly $1.5 billion.
The new venture is expected to be a major player in the growing market for digital asset treasuries, which has seen significant growth in recent years. According to a report by Bloomberg, the market for digital asset treasuries is expected to reach $10 billion by 2027.
In a statement, Tether did not comment on the partnership or the planned launch of the tokenized gold treasury firm. Antalpha also declined to comment on the matter.
The launch of the new venture is expected to take place in the coming months, with Tether and Antalpha working closely together to bring it to market. The exact timeline for the launch has not been confirmed.
As the cryptocurrency and precious metals markets continue to evolve, the partnership between Tether and Antalpha is set to play a significant role in shaping the future of digital asset treasuries. With its focus on tokenized gold, the new venture is expected to have far-reaching implications for investors and market participants alike.
This story was compiled from reports by CoinDesk and CoinDesk.
