Tether Gold (XAUT) is a token issued by Tether, each unit backed by one troy ounce of physical gold stored in Swiss vaults.
Wallets holding tokenized commodities rose to 452,931 from about 126,000 a year ago, according to rwa.xyz data. Most of the new arrivals are opening small accounts on cheaper chains, while about 95% of the sector's $5.16 billion stays on Ethereum.
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Paxos Labs launched PaxGy, a token built on the $2 billion PAXG that lends its gold to institutional borrowers so holdings grow in ounces. The extra metal comes from borrowers, so a holder takes on their credit risk as well as the gold price PAXG tracks.
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The StableFund vehicle with Fasanara Capital starts with $400m of the two sponsors' own money and targets $3bn more from institutions. Outside investors would then supply most of a fund Fasanara underwrites.
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Tether Gold took $237M of the 30-day inflow at a $2.48B cap. XAUT and Paxos Gold together hold 93-97% of the category, and that concentration is the thing to underwrite.
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Aave V3 holds more than half of all gold tokens pledged across DeFi lending, but only about 1.5% of the $4.2 billion PAXG and XAUT supply has been posted as collateral anywhere.
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