The Gold Rush Is Back: Tether Brings Gold-Backed Stablecoin to Thailand (Yes, Really!)

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Hold on to your hats, folks, because Tether is making a shiny new move in Thailand. They’ve just listed their gold-backed token, XAUT, on Maxbit – a local crypto exchange that’s somehow involved with PTG Energy (don’t ask, just roll with it). In case you’re wondering, yes, this is officially the first time you can buy a little slice of precious metal digitally in Thailand. And let’s be honest, who doesn’t want to trade gold while lounging on a beach in Phuket?

According to Tether, this is a “significant milestone” – I mean, who needs a house when you can just trade gold-backed tokens, right? The CEO, Paolo Ardoino, made it sound even more exciting by pointing out that this move is for those “increasingly seeking resilient, asset-backed solutions.” Translation: We all know inflation’s been a pain, so here’s something shiny to calm your nerves.

“We are pleased to see XAUT listed on Maxbit, marking a significant milestone as the first platform to offer access to our gold-backed digital asset in Thailand.”

— Paolo Ardoino

For those of you keeping score at home, Tether reportedly holds 246,523.33 ounces of gold – that’s over 7.7 tons of the stuff. Because, naturally, it’s all stored in a super-secure vault in Switzerland. I can only imagine how many hours a day the vault is just… sitting there, collecting dust. But hey, it’s ready for you when you’re feeling fancy.

The token itself, XAUT, has a market cap of over $770 million as of late April – because who wouldn’t want to put their money in something that tracks gold instead of, you know, boring old U.S. dollars? And speaking of gold, XAUT was trading around $3,300 in April, and even peaked at $3,423 on April 21. (Is this the start of a gold rush, or just another digital fever dream? Only time will tell.)

And just when you thought Tether couldn’t get any more wild, they went ahead and introduced a new asset class backed by Tether Gold. Enter aUSDT: a fancy token designed to track the value of one U.S. dollar, but with a gold twist instead of that old, trusty fiat. Because, why not add a little more glitter to the pile?

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2025-05-13 14:09