How Tether shifted from being pegged to the US dollar to being pegged to trust.

According to a recent report by CoinDesk, in the third quarter of 2025, Tether's tokenized gold product, XAUT, surpassed 11.6 tons in reserves, with a market capitalization exceeding $2.1 billion. In addition to its flagship product USDT, the company has launched several other products—USDT, XAUT, CNHT, and GBPT—covering new stablecoins pegged to offshore RMB and GBP, while also releasing a specially compliant USD stablecoin for the US market. Tether is quietly undergoing a strategic transformation of its product line: from a single USD-pegged offering to a global network encompassing multiple assets, multiple markets, and multiple layers of compliance. From “One U Dominance” to One Superpower and Multiple Strong Players

According to CoinDesk, XAUT is issued by Tether's subsidiary TG Commodities, which holds physical gold reserves in Switzerland.

Each XAUT token corresponds to one ounce of gold bar, and users can directly hold, transfer, or redeem physical gold through the blockchain. Tether CEO Paolo Ardoino stated in an interview that the number of retail users from Latin America, South Asia, and Asia is growing rapidly, and they are beginning to understand tokenized gold.

From “One U Dominance” to “One Superpower and Multiple Strong Players”