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The Rise of XAUt: Can Gold Stablecoins Replicate the Success of USDt?
The gold stablecoin XAUt is rising rapidly; could it become the next USDt?
The market value of USDt is growing strongly, with demand coming from sources including margin trading by cryptocurrency traders, the gray market, and the demand for US dollars in some countries. In contrast, other stablecoins issued by Tether have received less attention.
In addition to USDt, Tether has also issued stablecoins EURt, CNHt, and XAUt, which are pegged to the Euro, Renminbi, and gold, respectively. Although XAUt was launched the latest, it has shown the most impressive performance. Data shows that since its launch more than 4 months ago, XAUt's market capitalization has reached around 86 million USD, with a 24-hour trading volume exceeding 110,000 USD, and it is currently listed on 5 exchanges.
The rapid growth of XAUt is attributed to the demand for safe-haven assets brought about by the global economic crisis. Each XAUt is anchored to one ounce of physical gold, allowing investors to easily gain exposure to gold through XAUt. Compared to traditional gold ETFs, XAUt does not require custody fees and supports the redemption of physical gold, with a minimum trading unit that can be divided up to six decimal places, and supports 24-hour trading.
Currently, the trading of XAUt is mainly concentrated on three exchanges: Delta Ex, FTX, and Bitfinex, focusing on derivatives trading. These platforms have successively launched perpetual contracts and leveraged trading products for XAUt, and plan to introduce more trading varieties. In addition, some exchanges also plan to integrate XAUt into the Lightning Network.
Despite the rapid development of XAUt, it still faces challenges in reaching the market capitalization scale of USDt. Industry insiders believe that the volatility of XAUt is higher than that of USDt, and the issuance is also more difficult. However, there is also the view that in the future, the market capitalization of stablecoins pegged to gold is expected to reach several billion USD.
XAUt still faces many challenges on its path forward, such as a shortage of gold supply. Whether Tether can successfully create the label of "digital gold" through XAUt still requires time to verify.