Tether's Big Gold Move: Nearly Half a Billion Dollars Minted

Tether, a major stablecoin issuer, has minted nearly half a billion dollars in its gold-backed digital currency, XAUt. The move is significant as it's the largest minting of gold-backed coins in recent memory.

The minting created 119,670 XAUt tokens, which have a total market capitalization of over $2.5 billion. This represents an increase of more than 17% from its previous market cap.

XAUt is backed by one ounce of pure 24-karat gold stored in a Swiss bank that meets London Good Delivery standards. Holders can track and verify the gold using specific bar serial numbers, providing transparency to the investment.