Tether家の金トークンXAUTは買う価値があるのか？

Author: Wenser, Odaily Star Daily

2026, survival is king.

In our previous article “2026, Survival: A Bear Market Survival and Counterattack Manual for Crypto Enthusiasts,” we systematically provided “survival strategies” for this year, emphasizing precious metals such as gold as a major focus in asset allocation. For those who aim to combat inflation through gold and mitigate issues such as fiat currency depreciation and dollar exchange rate declines, how to allocate gold-related assets has become the next challenge.

In this regard, based on my personal understanding, XAUT issued by Tether may relatively be the optimal pathway for the crypto community to allocate gold assets. Combined with Tether’s recent launch of a new accounting unit “Scudo” for Tether Gold (XAU₮), the configuration threshold for gold tokens has plummeted to as low as a few dollars.

Odaily Star Daily will systematically analyze in this article whether XAUT is worth positioning.

Potential Supports for Gold Price Increases: US Policy, ETF Fund Inflows, Bank Ratings

Last September, when spot gold prices still hovered around $3400-3500 per ounce, we systematically introduced 5 major gold tokens in the article “Gold prices are expected to continue surging to $3900/ounce, reviewing 5 major gold tokens,” with XAUT among them. Three months later today, spot gold prices per ounce once surged to around $4550, which is admittedly terrifying.

Moreover, despite recent phase corrections in price, the upward momentum of spot gold has not been significantly interrupted. Specifically, the supports for gold prices come from the following aspects:

World Gold Council: US Supreme Court Tariff Decision and Two Other Factors Only Constitute Short-term Volatility on Gold’s Future

The World Gold Council released a report stating that the December surge in precious metals (including silver and platinum) and the rebalancing of commodities indices may trigger market volatility in the short term. However, aside from short-term volatility effects, gold is expected to continue its own operating logic. The US Supreme Court’s forthcoming ruling on tariff policy may have significant impacts on US trade policy. The impact on gold is potentially more complex but may constitute potential support. Finally, the continued escalation of geopolitical conflicts (recent US actions in Venezuela being the latest example) also provide support for gold prices.

Gold prices refreshed historical records 53 times in 2025, ETF inflows reached unprecedented levels

The World Gold Council stated that as gold prices refreshed historical records 53 times in 2025, global investors injected unprecedented amounts of capital into gold ETFs. North American funds contributed the main portion of global fund inflows in 2025. Meanwhile, gold holdings in Asia nearly doubled, and Europe also showed significant demand.

Gold rose approximately 65% for full year 2025 and reached over 50 new highs, silver rose approximately 150%

The 2025 precious metals market showed that spot gold closed down 0.46% on December 31st, reporting at $4318.65 per ounce. Against the backdrop of global “de-dollarization,” the Federal Reserve restarting its rate-cutting cycle, and central banks worldwide continuing to purchase gold, gold became the most dazzling “star asset” of 2025, maintaining its upward trend throughout, rising approximately 65% for the year and once refreshing historical highs to $4549.96 per ounce, reaching over 50 new highs within the year.

UBS Group: Raised gold price targets for March, June, and September 2026 to $5000 per ounce

UBS Group stated it maintains a bullish stance and has raised its gold price targets for March, June, and September 2026 to $5000 per ounce (previously $4500 per ounce). Gold prices are expected to decline slightly to $4800 per ounce by the end of 2026.

Based on the above information, gold prices remain well supported over the coming year. Let’s now discuss why Tether’s gold token XAUT is worth allocating.

Four Major Advantages of XAUT Allocation: High market cap, low threshold, good liquidity, leverage available

First, it lies in Tether’s strong financial backing and the gold reserves and abundant liquidity behind XAUT.

Earlier this month, Tether CEO Paolo Ardoino stated that Tether purchased 8888 bitcoins on New Year’s Eve 2025, valued at approximately $780 million. This transaction brought the stablecoin issuer’s publicly disclosed bitcoin holdings to over 96,000. Tether currently allocates 15% of its quarterly profits regularly to bitcoin. Additionally, Tether purchased 26 tons of gold in Q3 2025, bringing its total gold holdings to 116 tons, ranking it among the top 30 gold holders globally. A market cap of approximately $2.3 billion is also evidence of XAUT’s abundant liquidity.

Second, it lies in Tether’s recent launch of a new accounting unit “Scudo” for XAUT.

According to official announcements, Tether officially launched a new pricing unit Scudo for Tether Gold (XAUT). This unit aims to reposition gold as a means of payment, with 1 Scudo defined as one-thousandth of a troy ounce of gold or one-thousandth of an XAUT (approximately $4.4). This move addresses the issue of users needing to handle long decimal places when trading or pricing by introducing a simpler pricing method, making gold more practical in daily economic activities. Tether Gold is currently fully backed by physical gold held in secure vaults, and the launch of Scudo does not change the structure or backing method of XAUT.

Third, XAUT is listed on major mainstream CEX and DEX platforms and supports spot purchases or contract leverage operations.

According to Coingecko information, XAUT is supported for trading on CEXs including Bybit, OKX, and Bitget, as well as DEXs including Uniswap, Fluid, and Curve.

Finally, Tether’s dominant position in the stablecoin sector and the exceptionally high profit margins of its operations provide strong support for XAUT’s growth and development, with its industry application adoption expected to see further enhancement in 2026.

According to Bloomberg citing Artemis Analytics data, global stablecoin trading volume surged 72% year-over-year in 2025, reaching a record $33 trillion, of which USDC issued by Circle achieved $18.3 trillion in trading volume, ranking first; Tether’s USDT achieved $13.3 trillion in trading volume, similarly maintaining a high level. Together they account for the vast majority of stablecoin trading activity.

Combined with the declining trend of the US dollar to Chinese yuan exchange rate, for most ordinary people with relatively limited liquidity and lower investment risk tolerance, converting part of fiat currency to gold token XAUT may be a relatively better solution.