Antalpha Loan Portfolio Plunges Amid Tether-Backed Tokenized Gold Losses

Antalpha, a digital asset financing platform backed by Tether, reported a significant decline in its loan portfolio and revenue for the second quarter of 2026. The company's facilitated loan book fell to $1.353 billion, down from $2.049 billion in the same period last year, marking a 34% decrease.

The contraction in the loan portfolio was partly due to losses on tokenized gold positions held by Antalpha's subsidiary, Aurelion. The company reported fair value losses of $22.3 million across its XAUt and XAUE holdings during the second quarter.

Aurelion's financial results have been consolidated by Antalpha since October 2025, with entities associated with Tether holding a significant stake in both companies. Despite the decline in revenue, Antalpha's leadership emphasized that the company has suffered zero principal losses since inception and is prioritizing selective capital deployment.