Tether Gold (XAUT) Exchange

XAUT is not a synthetic contract — it is a claim on physical gold. Each token represents one troy ounce of specific gold bars held in Swiss vaults. XAUT's market price tracks the international spot price of gold (XAU/USD) because arbitrageurs buy XAUT when it trades below gold spot and sell when it trades above. The link is maintained by the redeemability of XAUT for physical gold by qualified holders.

Fully-allocated (segregated) storage means Tether holds specific gold bars assigned exclusively to XAUT token holders — not co-mingled with other assets or lent out. Each XAUT is linked to specific bar serial numbers. This contrasts with unallocated gold accounts (used by many banks and gold funds) where customers have a claim on gold-equivalent value but not specific bars

Yes

Good Delivery gold bars (the international standard for wholesale gold trading accepted by the LBMA) weigh approximately 400 troy ounces each — though they can vary between 350 and 430 ounces. Tether's minimum physical redemption of 430 XAUT corresponds to the upper end of a standard Good Delivery bar. This is a practical constraint of the physical gold delivery market

Tether publishes the serial numbers of every gold bar in its vaults on tether.to. Each bar's weight

XAUT and PAXG are both tokenised gold products pegged to one troy ounce per token. Key differences: XAUT is issued by Tether (which also issues USDT); PAXG is issued by Paxos Trust Company (which also issues PYUSD and USDP) under a New York DFS trust charter. PAXG's US regulatory oversight under NYDFS may offer different assurance profiles than XAUT's Swiss-vaulted model. Both use fully-allocated storage and both track gold spot.

As of mid-2026

Tether publishes quarterly attestations for XAUT gold reserves

XAUT offers on-chain transferability

XAUT-specific risks include custodian risk (Tether's creditworthiness and the integrity of its Swiss vault operations)

Go to swapzone.io/exchange/tether-gold