Tether Mints $497M in Gold-Backed Tokens Amid Volatile Markets
Tether has made a significant move in its treasury operations by minting $497.42 million worth of XAUT tokens, rather than issuing more USDT. The move is seen as a reflection of shifting institutional demand for gold exposure amid volatile macro conditions over the past year.
The data shows that 119,670 XAUT tokens were minted and deposited directly into Tether's treasury wallet on Ethereum. This decision highlights the growing interest in gold-backed assets among investors seeking to diversify their portfolios and hedge against market uncertainty.
From a technical analysis perspective, the price of XAUT is currently trading at $4153.83 within a bearish structure, with prices below both the EMA50 ($4252.48) and EMA200 ($4347.64). The RSI (26.81) indicates an oversold condition, while the MACD death cross (-40.52) confirms trend weakness.
The price of XAUT remains within the Bollinger bands between upper resistance at $4349.66 and lower support at $4078.86, suggesting a potential test of the 50-EMA before any sustained recovery.