Tether, issuer of leading stablecoins, has introduced its gold-backed token XAUT (Tether Gold) to the Thai cryptocurrency market through a listing on the licensed Maxbit exchange. This marks the first access point for blockchain-based gold assets in Thailand, addressing rising local demand for resilient, asset-backed digital solutions as inflationary concerns mount.
The token, backed 1:1 by physical gold securely stored in Switzerland, offers users a digital representation of one troy ounce of gold per token. XAUT currently has a market capitalization exceeding $770 million, and the listing aligns with gold’s recent price rally. Tether's CEO Paolo Ardoino described the move as a milestone for both Tether and the Thai market, highlighting the need for alternative hedges.
Thailand has recently advanced regulatory approval for dollar-backed stablecoins such as USDT and USDC, with Maxbit operating under strict Thai SEC oversight. Maxbit’s major shareholders include PTG Energy and local technology firms. The rollout of Tether Gold in Thailand reflects a broader shift towards regulated digital assets offering stability and alternative value preservation channels.