Tether is deepening its involvement in the tokenized gold space by introducing a new version of its gold-backed stablecoin—XAUt0—on The Open Network (TON).
Designed to move seamlessly across multiple blockchains, XAUt0 leverages LayerZero’s omnichain technology to eliminate the need for bridges or token wrapping.
The initiative, developed in collaboration with the TON Foundation, aims to bring decentralized finance and gold-backed digital payments to Telegram’s growing user base. This marks Tether’s second major deployment on TON, following the earlier launch of USDt in April.
XAUt0 is positioned as a cross-chain upgrade to Tether’s existing XAUt token, which until now was confined to Ethereum. Each token is backed by one troy ounce of physical gold stored in Swiss vaults, with Tether holding 7.7 tons of reserves, according to its Q1 2025 disclosure.
With gold trading near all-time highs amid rising global tensions, Tether is seeking to capture demand from both traditional gold investors and the on-chain community. TON is the first blockchain to support XAUt0, but broader adoption is expected as omnichain compatibility expands.
The launch also comes as Tether’s XAUt and Paxos’ PAXG remain neck and neck in market cap—$832 million and $811 million respectively—underscoring the race to dominate digital gold.
Steve Eisman, the famed investor known for forecasting the 2008 housing collapse, is sounding the alarm—not on overvalued tech stocks or interest rates, but on the escalating risk of global trade disputes.
Kevin Hassett, head of the National Economic Council in Trump’s second term, has revealed a multi-million-dollar investment in crypto exchange Coinbase—prompting concerns over potential conflicts of interest in Washington.
South Korea’s presidential race ended with a decisive win for Lee Jae Myung, who secured 49.42% of the vote on June 4, 2025.
Rumors are heating up around Solana-based memecoin platform Pump.fun, which is said to be prepping a $1 billion token sale at a $4 billion valuation—though the team has yet to confirm any details publicly.