Tether Gold

XAUt is a token from the Tether group; each unit represents one troy ounce of physical gold in a Swiss vault.

Tether Gold (XAUt) is a gold token launched in January 2020 by TG Commodities, a Tether company that moved from the British Virgin Islands to El Salvador in January 2025. Each token gives ownership of an undivided share of one fine troy ounce of gold on a specific London Good Delivery bar kept in a vault in Switzerland. Holders can look up the serial number, weight and purity of the bar their tokens are allocated to; the issuer may move a holder's ounce to another bar at any time, including on each transfer. XAUt runs as a token on Ethereum and BNB Chain.

New tokens are sold only to verified customers of the issuer, from 50 XAUt at a time, for a 0.25% fee; there is no custody fee. Redemption also costs 0.25%: a holder can take delivery of a whole bar (about 430 ounces) at an address in Switzerland, paying delivery costs, or ask the issuer to sell the bar through a broker. U.S. persons may not buy from or redeem with the issuer. Most people therefore buy and sell XAUt on crypto exchanges.

Tether publishes quarterly reserve reports checked by BDO Italia. On 30 June 2026 the reserves held 707,747 ounces (about 22 tonnes) against the same number of tokens minted, of which about 612,800 had been sold and the rest were held by the issuer as inventory. On 27 September 2026 about 622,800 XAUt were in circulation, worth about $2.67 billion at about $4,280 per token.

XAUt earns nothing for holders, and the issuer's terms allow it to freeze or confiscate tokens, for example at the request of authorities. In 2026 Tether partners announced a Visa card with cashback in XAUt and loans secured by XAUt. The Shariah advisory firm Amanah Advisors certified XAUt's issuance, custody and redemption against the AAOIFI standard on gold, but not trading on exchanges.