Tether has launched Tether Gold, XAUt, on BNB Chain, increasing entry to its tokenized bullion product as merchants proceed on the lookout for methods to carry and commerce gold inside crypto markets.
The rollout provides XAUt to one of many trade’s largest trade ecosystems and comes the identical day Binance mentioned it could checklist the token for spot buying and selling towards pairs together with USDT, BTC, USDC, TRY, and U.
The launch lands after a wild stretch for gold. Bullion ripped greater in January as geopolitical tensions pushed buyers into safe-haven trades, with spot gold hitting a report $5,595 an oz through the month. Since then, the transfer has reversed sharply. Gold was buying and selling close to $4,450 on March 26, down greater than 15% because the warfare on Iran started on February 28, as greater oil costs, inflation issues, and a firmer greenback pressured the steel.
The rally helped pull gold deeper into crypto markets, the place buyers more and more need each direct spot publicity and extra speculative buying and selling instruments.
Crypto.com mentioned earlier this month that its trade now helps tokenized gold perpetual contracts alongside spot buying and selling in XAUt and PAXG, giving customers round the clock leveraged publicity to gold value strikes.
Tether is leaning into that demand from a place of power. BNB Chain mentioned XAUt is already the most important tokenized gold product in crypto, with a market cap of round $3.2 billion and backing tied to roughly 1,800 gold bars saved in Swiss vaults. Reuters reported in January that XAUt accounted for about 60% of the worldwide gold-backed stablecoin market, underscoring how dominant the product has turn out to be because the class scales.
RWA.xyz lists BNB Chain because the second-largest chain for RWAs by distributed asset worth, whereas BNB Chain mentioned the community has been pulling in new asset inflows and holders over the previous month. That offers Tether a bigger onchain venue to push gold publicity past area of interest tokenization use instances and into mainstream crypto buying and selling flows.
Paolo Ardoino framed the BNB Chain growth as a method to make gold extra usable in digital markets moderately than leaving it as a static retailer of worth.
