Tether, in partnership with Antalpha Platform, is raising $200 million from investors to launch a gold-backed digital asset treasury that will accumulate Tether Gold (XAUt) tokens. The plan marks a major expansion in Tether’s push into tokenized commodities.
XAUt at the Core of the Treasury
The new treasury will stockpile XAUt, Tether’s gold-backed token launched in 2020, which has a current market capitalization of $1.5 billion. Each XAUt is fully backed by physical gold bars stored in secure vaults. With this move, Tether aims to boost liquidity and expand the utility of XAUt in global finance.
Antalpha Partnership Strengthened
Tether recently acquired an 8.1% stake in Antalpha, a company tied to crypto-mining giant Bitmain. Antalpha announced on Sept. 29, 2025, that it would broaden access to XAUt through collateralized lending and physical vaults across major financial centers, enabling holders to directly exchange tokens for gold bars. Cohen & Co. is advising the $200M fundraising effort.
Gold Demand Driving Momentum
Global demand for gold has surged 46% in 2025, fueled by inflation concerns and geopolitical risks. During the same period, XAUt’s market cap doubled, reflecting rising investor appetite for tokenized safe-haven assets.
Broader Treasury Trend
The move comes amid a wave of digital-asset treasury companies — more than 80 have launched this year, according to PitchBook. Many follow a strategy inspired by MicroStrategy’s Bitcoin accumulation model, acquiring large amounts of tokenized assets for balance sheet diversification.
Tether itself has launched Twenty One Capital, a Bitcoin treasury venture backed by Cantor Fitzgerald and SoftBank. However, several such treasuries have seen stock prices decline in 2025 as institutional enthusiasm cooled.
Expanding Tether’s Reach
Parallel to the gold treasury effort, Tether is pursuing up to $20 billion in funding for its stablecoin business. If successful, the raise could value Tether at $500 billion, making it one of the most valuable private companies worldwide.
Conclusion
By raising $200M for a tokenized gold treasury, Tether and Antalpha are betting on the growing intersection of real-world assets and blockchain. With demand for gold soaring and tokenization gaining traction, XAUt may play a pivotal role in shaping the future of digital safe-haven assets.
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