Crypto
$50M at Risk as Tether Winding Down Alloy Platform
Tether is winding down its Alloy platform, which allowed users to track dollar value through Ethereum smart contracts backed by physical gold collateral.
The deadline for customers to return their aUSDT and recover XAUT through the platform is September 17. However, there are concerns about the $50 million at risk due to five forgotten gold vaults.
According to Alloy's official vault data, as of August 10, there were 399,088.74 aUSDT of debt and 194.41497 XAUT of collateral in five open collateral-mint positions.
The debt fell by 56% from its peak, but the maximum total supply of aUSDT is 50,000,005 tokens, which does not represent open debt.