The world's largest stablecoin issuer Tether is extending its reach into traditional safe-haven assets—gold.
According to informed sources, Tether Holdings SA is collaborating with Antalpha, a financial services company closely linked to mining giant Bitmain, to negotiate a publicly traded investment vehicle aimed at raising at least $200 million. The core mission of this vehicle is singular: to accumulate Tether's own issued tokens, XAUt, backed by physical gold.
This move not only marks a deepening engagement of the cryptocurrency giant into traditional safe-haven assets but will also further solidify the strategic alliance between Tether and global mining leaders.
<h2>From Equity to Business, Comprehensive Deepening of Cooperation</h2>
This is not the first collaboration between the two parties.
Earlier, they had already cooperated on the Tether Gold (XAUt) project, which was launched in 2020 and currently has a market capitalization of $1.5 billion. In June of this year, Tether directly acquired an 8.1% stake in Antalpha, establishing a connection at the capital level.
On the business front, the two parties announced an expansion of their cooperation on September 29, with Antalpha providing financial services such as collateralized lending around XAUt and planning to establish physical vaults in major global financial centers to support the physical exchange of tokens for gold bars.
From equity investment to business synergy, and now to joint fundraising, both parties are attempting to build a more complete ecological loop around &#34;digital gold.&#34;
<h2>Opportunities and Risks in the Wave of &#34;Financialization&#34;</h2>
Tether's move precisely aligns with the intersection of macro safe-haven sentiment and internal industry innovation.
On one hand, data shows that due to geopolitical uncertainties and inflation concerns, gold demand surged by 46% this year, providing fertile ground for gold tokens, with Tether's XAUt market capitalization doubling this year.
On the other hand, the model of packaging specific crypto assets into publicly listed companies' &#34;Digital Asset Treasuries&#34; (DATs) is becoming an industry trend.
Following the strategy of publicly listed company MicroStrategy, which has heavily bought and held Bitcoin, many companies are attempting to become listed agents for specific crypto assets through reverse mergers or SPACs.
According to PitchBook data, more than 80 such &#34;Digital Asset Treasury Companies&#34; (DATs) have been established this year. Tether itself is also deeply involved, for example, in April of this year, the company announced a partnership with Cantor Fitzgerald and a subsidiary of SoftBank to establish a Bitcoin treasury company, Twenty One Capital.
However, this model is not without risks; recently, with the weakening demand from institutional investors, many DATs have seen significant declines in their stock prices

Stablecoin giant Tether is partnering with Antalpha, an affiliate of mining giant Bitmain, to raise at least $200 million for a publicly traded investment vehicle that will specifically be used to accumulate Tether's own issued gold token XAUt

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