Tether brings gold-backed stablecoin to Thailand as inflation hedge demand grows

Tether has listed its gold-backed token XAUT on Maxbit, making the Thai platform the first in the country to offer access to the blockchain-based precious metal asset.

Stablecoin issuer Tether is bringing its gold-backed token, Tether Gold (XAUT), to Thailand through a new listing on Maxbit, a local crypto exchange launched as a joint venture with SET-listed PTG Energy, the company said in a press release on Tuesday.

Tether CEO Paolo Ardoino called the move a “significant milestone” as demand grows for users “increasingly seeking resilient, asset-backed solutions.”

“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

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Per Tethers attestation report, the company holds 246,523.33 ounces of gold, totaling more than 7.7 tons. As Tether earlier revealed, the token is backed 1:1 by one troy ounce of physical gold, stored in a dedicated vault within facilities in Switzerland.

XAUT‘s market capitalization stood at over $770 million as of April 28, with the token trading around $3,300 and peaking at $3,423 on April 21, in line with gold’s recent rally.

In June 2024, Tether introduced a new asset class backed by Tether Gold, aiming to improve stability for users. The over-collateralized token, known as aUSDT, is designed to track the value of one U.S. dollar but relies on gold reserves instead of traditional fiat-backed structures.