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Tether Seeks To Raise $200 Million For Tokenized Gold Treasury – Report

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According to a recent report, the world’s largest stablecoin company, Tether, and a partner firm are looking to raise capital for a digital asset treasury company that would accumulate its tokenized gold.

Tether To Launch Digital Asset Treasury Firm With XAUT: Report

On Friday, October 3rd, Bloomberg reported that Tether and financial services firm Antalpha Platform Holding are leading an effort to raise at least $200 million to set up a digital asset treasury company. Citing unnamed sources close to the matter, this public vehicle would use the capital to purchase XAUT, Tether’s gold token.

Bloomberg revealed that Antalpha Platform Holding has close ties to Bitmain Technologies, the world’s largest Bitcoin hardware supplier based in China. According to a report from the University of Cambridge Judge Business School, the Bitcoin hardware manufacturer supplies about 82% of the world’s crypto mining machines.

Bloomberg posited that this capital-raising effort would further strengthen the relationship between two of the largest companies in the global crypto industry. Meanwhile, this venture would represent a continuation in digital asset treasury companies’ craze happening this year, with more than 80 firms set up so far in 2025.

Furthermore, the report revealed that asset manager Cohen & Company is the lead advisor on the deal, with further talks kept private. While most parties declined to comment, Tether reportedly pointed out a post on the social media platform X about its recent announcement with Antalpha.

Source: @paoloardoino on X

As per the post on X, Antalpha revealed that it would be integrating Tether Gold into its Real-World Assets (RWA) Hub, offering tokenized gold-backed lending and infrastructure solutions. The financial services firm also announced that it would set up physical vaults in major financial centers around the world to allow holders to exchange the tokens for gold bars.

This move to offer XAUT-backed lending came after Tether had purchased an 8.1% stake in Antalpha during its initial public offering (IPO) earlier in May 2025. 

Tether Gold, launched in 2020, offers investors an exposure to gold without physically owning the metal. With a market capitalization of about $1.5 billion, Tether claims that the almost 250,000 XAUT tokens in circulation are backed by an equivalent of more than 7.66 tons of gold.

USDT Market Cap At $175 Billion

At the same time, Tether owns the largest dollar-backed stablecoin and the fourth-largest digital asset in the cryptocurrency market, with a market cap of more than $175 billion.

The USDT market cap at $176 billion on the daily timeframe | Source: USDT chart on TradingView

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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October Outlook: Bitcoin’s Seasonality, Macro Trends, Gold Correlation, and ETF Bonanza
GameFi Guides

October Outlook: Bitcoin’s Seasonality, Macro Trends, Gold Correlation, and ETF Bonanza

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October has been historically the most bullish month for Bitcoin, which earned the month the now-overused “Uptober” moniker within the cryptocurrency community. 

The month does live up to its facetious name, given that it has managed to remain in the green for seven years in a row. 

In 2023, Bitcoin surged by 28.5% in October. In 2021, the leading cryptocurrency soared by nearly 40%.

There were only two years when Bitcoin was in the red in October (2018 and 2014). Both times, the cryptocurrency was in the middle of rather brutal bear markets that followed the speculative bubbles of 2013 and 2017. 

After a strong start, Bitcoin seems to be on track to extend the streak. 

Macro picture

According to Polymarket bettors, there is a 94% chance of the Fed cutting interest rates at the September meeting. 

Market participants are overwhelmingly betting on a total of three rate cuts in 2025. 

Fed rate cuts, which will make borrowing cheaper, are expected to further bolster risk assets. 
At the same time, there is also a lot of uncertainty about the economic impact of the ongoing government shutdown in the U.S. 

The U.S. stock market experienced a substantial correction during the longest shutdown to date that took place from Dec. 22, 2018, to Jan. 25, 2019. Back then, Bitcoin was in the late stage of a truly grueling bear market. However, the impact of this shutdown could be dramatically different, and the cryptocurrency is currently approaching a new record high. 

Traders will have to keep a close eye on key data from the Bureau of Labor Statistics regarding employment and unemployment, the Consumer Price Index (CPI), the Producer Price Index (PPI), as well as the GDP data.

Bitcoin/gold correlation 

Gold has been consistently outperforming Bitcoin this year despite having a significantly bigger market capitalization. As reported by U.Today, Fidelity’s Jurrien Timmer previously predicted that gold could pass the baton to its digital rival in the second half of the year, but this has yet to happen. 

While gold keeps smashing new record highs, Bitcoin’s price action remains stubbornly underwhelming as the cryptocurrency remains below its record peak.

As noted by analyst Chris Burniske,  the Bitcoin-to-gold ratio has slipped back to a historically important support level. 

This level could be a logical place for a future reversal if it actually manages to catch up with gold this year. 

ETF bonanza 

October is also on track to be a historic month for the cryptocurrency sector due to the sheer number of crypto ETFs that are expected to be approved this month. 

Issuers will be awaiting the SEC’s decisions on a slew of altcoin ETFs designed to track such cryptocurrencies as Litecoin (LTC), Solana (SOL), Cardano (ADA), and XRP.

However, the aforementioned government shutdown might delay their approval. 



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Gold's Rare Red Day Allows BTC to Advance
Crypto Trends

USDT Issuer Tether to Launch Tokenized Gold Treasury Firm With Antalpha: Report

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Tether, the company behind the USDT stablecoin USDT$1.0005, is working with crypto miner financing firm Antalpha to raise at least $200 million for a new digital asset treasury for tokenized gold, Bloomberg reported Friday, citing sources familiar with the matter.

The planned vehicle would stockpile XAUT$3,892.89, a blockchain-based token backed by physical gold bars under custody in a Swiss vault. XAUT is the largest tokenized gold offering on the market with nearly $1.5 billion market capitalization.

Antalpha is known as a key lender of Chinese crypto mining equipment manufacturer Bitmain, and offers supply chain and margin loans.

The report follows an expanded partnership between Tether and Antalpha, announced on Monday, to launch a dedicated hub for XAUT-backed lending, custody and token redemption services. Antalpha said then it plans to work with partners to open vaults in major financial hubs, allowing users to redeem digital tokens for physical gold.

Tether has expanded beyond issuing its flagship USDT token, the largest stablecoin boasting a $174 billion supply, with investments spanning across bitcoin BTC$111,480.33 mining, payments, energy and artificial intelligence (AI). It was a lead investor, alongside Bitfinex, with which it shares key executives and ownership, and SoftBank, in bitcoin treasury firm XXI Capital that launched earlier this year. Tether also reportedly seeks to raise funds at a $500 billion valuation to fuel its expansion.

Paolo Ardoino, CEO of Tether, has been a vocal proponent of gold as a hard asset, The company held $8.7 billion in the yellow metal on its balance sheet, according to its June attestation.



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Gold's Rare Red Day Allows BTC to Advance
Crypto Trends

When Could Bitcoin (BTC) Price Break New Record Highs? Watch Out for Gold

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Stocks printed fresh records and gold is on a tear crossing $3,900, but the last leg higher in traditional markets left bitcoin BTC$117,536.67 behind.

The largest crypto, often touted as digital gold, has been stuck in a $100,000–$120,000 range for nearly three months after setting new highs in July and August.

The lag fits a pattern. Over the past couple of years, gold and bitcoin have taken turns: when gold breaks out, bitcoin tends to consolidate; when gold cools, BTC often resumes the advance.

BTC versus gold (TradingView)

From January into April, BTC plunged about 30% while gold kicked off its next leg, rising roughly 28% to $3,500 at the height of the global tariff tantrum. Gold then stalled into August, and bitcoin took the baton, rallying about 60% from trough to peak to notch fresh records.

Bitcoin to catch up when gold tires

“Gold likes low rates and a weak economy, whereas bitcoin likes them firm,” said Charlie Morris, chief investment officer at ByteTree, in a recent report. “Because bitcoin likes a super strong economy, and low rates are associated with economic slumps.” He added that the BTC–gold relationship is loose: the 90-day correlation has averaged around 0.1 — “basically zero.”

Right now, gold is in a lockout rally toward $4,000, up about 17% across a seven-week winning streak. Bitcoin, meanwhile, is still ranging below $120,000.

If the recent rhythm holds, a pause in gold, or even a sideways drift, could be the tell for BTC’s next break out of the range and another run at records.

“The good news for bitcoin is that sooner or later, gold will get tired,” Morris said.



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US stocks floundered as gold and Bitcoin rose
NFT Gaming

Gold and Bitcoin surge as US stocks falter amid shutodown

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U.S. stocks opened lower today as Wall Street weighed the immediate impact of the U.S. government’s official shutdown, and as the dollar slipped, gold and Bitcoin soared.

Summary

  • US stocks wavered as U.S. government officially shut down on Wednesday
  • ADP data shows private payrolls declined by 32,000 in September, with this a key report for investors eyeing Federal Reserve rate cuts
  • Gold rallied to a record high and Bitcoin broke above $116,890 as safe havens gained.

Wall Street traded lower as the first official government shutdown in seven years began, with investors showing some jitters, helping push the Dow Jones Industrial Average down. The blue-chip index was down 80 points.

Meanwhile, uncertainty around the economy also meant the benchmark S&P 500 fell 0.5%, and the Nasdaq Composite slipped 0.6%.

US stocks falter

Stocks had closed higher in September, despite notable slips in the last week of the month, with the S&P 500 ending the period up 4.5%. The Dow edged 2.4% higher, while the Nasdaq climbed more than 6% across the month.

However, with the gridlock in Washington bringing another pause in government funding and set to see federal agencies cease operations, investors have shown concern. The S&P 500 slipped on Tuesday.

A lot of this is due to worries about what happens to scheduled releases of key macroeconomic data.

ADP private payrolls fall by 32k

Among government agencies set to freeze operations is the Bureau of Labor Statistics, which was expected to release the U.S. jobs report for September on Friday.

The uncertainty now puts the just-released ADP private payrolls report under greater scrutiny in the market. Notably, the ADP data showed private payrolls fell in September, missing estimates. Per the report, the private sector lost 32,000 jobs, against an expected gain of 50,000.

Dollar slip sees gold and Bitcoin rise

Although stocks continue to trend near record highs, the market is seeing fresh gains for safe haven assets. With risk-off sentiment up, gold and silver prices have soared to record highs, with the precious metal hitting a new peak as spot gold touched $3,895 an ounce. U.S. gold futures for December delivery soared to highs of $3,918.

The flight to safe havens also saw Bitcoin (BTC) surge. The benchmark cryptocurrency broke above $116,000, rising to an intraday peak of over $116,897 across major crypto exchanges.

The push above $116,000 triggered a wave of liquidations, with shorts feeling the pinch as the squeeze wiped out leveraged positions. Analysts say it could amplify Bitcoin’s upside momentum, and bulls may target a return above $120,000.

Why is gold and crypto up as US stocks slip today?

The shutdown, geopolitical uncertainty, and economic uncertainty are the key drivers of this rally. Also significant is the dollar index bidding for its longest negative streak in a month, something that has added to the safe-haven uptick.

The greenback has shown similar weakness in past shutdowns, and this could set it toward further losses. Notably, risk-on assets could rally in such an environment, with Bitcoin outpacing gold.

“Among the interesting moves in markets this morning: Gold is higher again, hitting yet another record as its price approaches $3,900 per ounce,” said Mohamed El-Erian, president Queens’ College, Cambridge, and Allianz advisor. “The DXY dollar index has depreciated to a two-week low, reinforcing the narrative that it remains the one major asset area that has not experienced a meaningful recovery since April. In fact, it is trading weaker than its level immediately following “Liberation Day,” he added.



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Exchange Review August
Crypto Trends

Peter Schiff Explains Why Strategy (MSTR) Should Have Bought Gold Instead of Bitcoin

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Analysts mapped a slow-grind path for bitcoin and flagged $112,000 as the trigger while gold advocate Peter Schiff revived the gold-versus-bitcoin debate by challenging Michael Saylor’s BTC treasury bet for his firm.

CoinDesk Senior Analyst James van Straten said bitcoin’s market structure has shifted alongside gold’s repricing.

He expects a slow, stair-step advance supported by steady ETF inflows, with 10–20% pullbacks along the way. He compared the setup to gold in the early 2000s, when prices climbed for years but often paused for healthy corrections.

In his framing, bitcoin may sometimes lag gold and sometimes outperform it, yet he still sees bitcoin leading on total returns over a full cycle.

Read More: Bitcoin Trails Equities, Metals, and USD in Q3. Here Is a Key Level to Watch for Next Move

Michaël van de Poppe focused on near-term levels.

He called sub-$107,000 a buy zone, signaling where he thinks dip buyers are likely to step in. He also pointed to $112,000 as the ceiling to beat. A clean break and hold above $112,000 on UTC closes would, in his view, confirm strength and broaden risk appetite, the point at which flows often rotate into large altcoins. That is what he means by “altcoin mode.”

Euro Capital CEO Peter Schiff, meanwhile, challenged Michael Saylor’s strategy by contrasting Strategy’s bitcoin exposure with a hypothetical gold program.

His core claim is liquidity. He argued that tens of billions of dollars in gold could be sold with limited market impact, while trying to exit a similar bitcoin position could hit prices hard and set off copycat selling.

Supporters of bitcoin would counter that any large seller could stage exits over time and use over-the-counter channels, but Schiff’s point is that gold’s market depth offers more flexibility to very large holders.

CoinDesk Research analysis

  • Window: Sept. 27, 09:00 UTC to Sept. 28, 08:00 UTC.
  • What happened: According to CoinDesk Research’s technical analysis data model, bitcoin consolidated in about a $692 band (~1%), between $109,156.82 and $109,849.28.
  • Support showed up: repeated holds near ~$109,400 late on Sept. 27 (UTC).
  • Resistance formed: ~$109,750 capped rebounds in that same late-evening window.
  • Final 60 minutes: between 07:09 UTC and 08:08 UTC on Sept. 28, price popped to $109,663.84 at 08:03 UTC, then settled near ~$109,580, turning ~$109,575 into fresh, short-term support.
  • Read-through: Support ~$109,400–$109,575; resistance ~$109,750. A UTC close above ~$109,750 sets up $110,000–$111,000. Lose ~$109,400, and ~$109,150 is next.

Latest 24-hour and one-month chart read

  • 24-hour context (as of Sept. 28, 14:41 UTC): price near $109,724 sits above ~$109,400/109,575 support and below ~$109,750 resistance. A break and hold above ~$109,750 (UTC) points to $110,000–$111,000, with $112,000 the broader momentum trigger many traders watch. A slip back under ~$109,400 risks a retest of ~$109,150, then ~$108,500.
  • One-month context: after mid-September highs near ~$117,000, bitcoin has compressed into the $109,000–$112,000 area. Reclaiming and holding $112,000 would likely reignite upside momentum. Failing that, more sideways consolidation is the base case rather than a trend break on its own.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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Exchange Review August
Crypto Trends

China Eyes Role as Custodian of Central Bank Gold Reserves Amid Bullion’s Record Run

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China is reportedly making a bid to expand its influence in global gold markets by offering to hold foreign central bank reserves within its borders.

According to Bloomberg, the People’s Bank of China has used the Shanghai Gold Exchange in recent months to pitch central banks in friendly countries on the idea. At least one Southeast Asian country has shown interest, people familiar with the matter told Bloomberg.

The push would allow Beijing to strengthen its role as a bullion hub and reduce reliance on Western financial centers. Custodian services are a key part of that infrastructure, helping to attract more trading activity and enhance credibility.

Gold analyst Jan Nieuwenhuijs noted on X that foreign central banks have technically been able to store gold in Shanghai since 2014, but uptake has been minimal so far. He added that one Southeast Asian country, possibly tied to the mBridge cross-border payments project, could be evaluating the option.

The timing comes as central bank demand has underpinned a powerful rally in bullion.

Spot gold climbed as high as $3,784.74 an ounce in New York on Monday, setting another record before easing slightly. According to MarketWatch, the metal closed last week at $3,789.80, up 43.59% year-to-date — well ahead of bitcoin’s 17% gain, the S&P 500’s 12.96% rise and the Nasdaq Composite’s 16.43% increase.

Kitco News reported that despite overbought conditions, analysts expect gold’s bullish momentum to continue, citing inflation trends and growing demand for alternatives to U.S. Treasurys. Chris Mancini, co-portfolio manager at Gabelli Funds, said investors are increasingly turning to gold as a substitute for the dollar.

Still, China faces competition from established markets such as London, whose vaults hold more than 5,000 tons of global reserves. The World Gold Council ranks China fifth among central bank gold holders, but its domestic market for jewelry, bars and coins remains the world’s largest.



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Boston Celtics unveil 'Gold Standard' City Edition uniforms
Esports

Boston Celtics unveil ‘Gold Standard’ City Edition uniforms

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The Boston Celtics are celebrating their winning culture with their 2025-26 City Edition uniform.

Editor’s Picks

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Boston introduced its “Gold Standard” uniform on Wednesday evening, which is dedicated to the Celtics’ “timeless tradition of winning.”

The uniform features a white base accented with gold, with numbers and “Boston” also being featured with a gold swatch, representing the success the franchise has seen throughout its history.

Jersey names and the trimming on the numbers are outlined in black, making the jersey the first uniform in the franchise’s history to not feature green.

Just above the jock tag lies Red Auerbach’s signature, the Celtics’ former head coach for 16 seasons (1950-66). During his time as head coach, Auerbach led Boston to nine NBA championships, including a historic run of eight consecutive titles from 1959 to 1966. He held a 795-397 regular-season record and a 90-58 postseason record with Boston.

A new chapter in our storybook of Legends 📖 pic.twitter.com/56ixmSgUt6

— Boston Celtics (@celtics) September 24, 2025

On the back of the jersey’s neckline lies an 18-time champion patch, honoring its 18 NBA titles from its first in 1957, to mostly recently in 2024 after defeating the Dallas Mavericks in five games.

Boston is no stranger to donning a gold hue on its jerseys. It featured gold trimming on its 2019-20, 2022-23 and 2023-24 City Edition uniforms.

The Celtics haven’t said when they’ll wear the City Edition uniform this season.





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GameFi Guides

US Dollar Bounces, Gold Pauses Rally: What’s Next for Bitcoin?

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In brief

  • The U.S. dollar is firming, triggering a retracement in equities and gold.
  • Experts remain split about the Fed’s measured dovish stance, but remain bullish on Bitcoin heading into the fourth quarter.
  • A softer August Core PCE print could end Bitcoin’s September slump and set the stage for a bullish fourth quarter.

Bitcoin is stuck in a macro tug of war as the U.S. dollar strengthens following the U.S. Federal Reserve’s measured dovishness, with gold settling lower after Wednesday’s record high. 

The conflicting signals have left the crypto trading in a tight range, lagging the record-breaking momentum in equity markets and gold.

The Fed’s quarter-point “insurance cut” last week successfully calmed front-end rates but sparked a sell-off in long-term Treasuries, pushing yields higher, Singapore-based trading desk QCP Capital noted in a Wednesday post. 

Fed Chair Jerome Powell’s emphasis on a cautious path forward provided much-needed relief for the U.S. Dollar Index (DXY), which measures the dollar’s performance against a basket of currencies, leading to a 1.63% bounce from Wednesday’s low of 97.22, according to MarketWatch data.

Amid the strengthening dollar, both gold & the S&P 500 index have settled lower after touching record highs on Tuesday. 

“Gold’s reversal from fresh highs looks like profit-taking or hedging shifts,” Derek Lim, head of research at crypto market-making and trading firm Caladan, told Decrypt. “While some of those flows might rotate into Bitcoin, the effect gets muted if the dollar keeps strengthening.” 

With the core inflation near 3%, Lim expects August’s Core PCE release to set the tone on how equities, gold, and Bitcoin will react.

A positive surprise would “force the markets to reprice rate-cut expectations,” he said, making equities, gold, and Bitcoin vulnerable. At the same time, a softer print would strengthen the dovish case, pushing these assets higher.  

The Fed’s “measured dovishness is calming markets,” discounting the U.S. dollar’s bounce and recent drop in both equities and gold, Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree, told Decrypt.

He said the market is in agreement with the Fed’s stance and points to the reduced volatility in the bond markets as proof, expecting this macro backdrop to help end Bitcoin’s September slump and push it to new highs heading into a historically bullish fourth quarter. 

Bitcoin is currently trading at $111,800, down less than a percent on the day, CoinGecko data shows.

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NFT Gaming

Bitcoin’s Slump Widens Safe Haven Divergence for Gold

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In brief

  • Bitcoin has dropped 5% since last Thursday, while gold has surged nearly 5% to record highs.
  • The growing divergence could be linked to institutional investors’ preference for gold as a safe-haven asset amid macroeconomic uncertainty, Decrypt was told.
  • If history repeats, the top crypto is likely to outperform the precious metal as the risk tolerance increases and capital rotates into Bitcoin.

Gold’s uptrend amid Bitcoin’s downturn has driven a wedge between the two safe-haven assets, with experts noting that this increasing divergence is a result of macroeconomic uncertainty, which has pushed investors to reassess their risk appetites.

Though Bitcoin is often referred to as a safe-haven asset or digital gold, it has failed to match gold’s bullish momentum. Since last Thursday, the top crypto has dropped roughly 5% while the precious metal has notched a 5% gain and set a new record high of $3,791.



“Part of gold’s newly found strength in recent weeks lies in strong sovereign and central bank demand,” Farzam Ehsani, CEO and co-founder of crypto exchange VALR, told Decrypt. The aggressive accumulation comes from countries like China and Russia using gold as a “geopolitical buffer and a hedge against the U.S. dollar dominance.”

Bitcoin, on the other hand, is in the “early stages of its institutional adoption,” which is why investors are “skeptical” whether the bellwether crypto can fulfill its digital gold narrative, Ehsani added.

The 90-day change in ETF inflows between gold and Bitcoin shows that while the precious metal has attracted $18.5 billion as of September, Bitcoin’s inflows stand at just under $10 billion, according to BOLD Report data.

Bitcoin’s performance has historically improved once the Federal Reserve begins cutting interest rates. Under these conditions, the top crypto plays catch up, outperforming the traditional safe-haven asset, Decrypt previously reported.

“Gold moves first, Bitcoin follows 1–2 months later,” Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, recently told Decrypt.

As private risk-tolerant capital flows in, Bitcoin typically outperforms gold, as the digital asset accounts for roughly one-tenth of the precious metal’s market capitalization, McMillin noted.

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