Tether putting $23 billion gold stockpile to work with bullion-backed loans
CoinDesk·
60-second summary
Tether is utilizing its $23 billion gold stockpile by offering bullion-backed loans to XAUT holders, allowing them to borrow against their tokenized gold without selling the underlying asset. This move mirrors bitcoin-backed lending, expanding Tether's tokenized gold strategy and potentially increasing liquidity in the market, benefiting gold investors and the broader cryptocurrency ecosystem.
The stablecoin issuer is extending its tokenized gold strategy by allowing holders of XAUT to borrow against their bullion, mirroring bitcoin-backed lending without selling the underlying asset.