Gold prices fell 14.1% in Q2, closing at $4,008 per ounce, but investors continued buying XAUT, Tether’s gold-backed token. Customer holdings rose 9.5%, adding over 53,000 XAUT, representing an additional 1.66 tonnes of physical gold. XAUT’s market capitalization reached approximately $2.85 billion within a $5.6 billion tokenized commodities market. Tether CEO Paolo Ardoino noted that XAUT holders use market weakness periods to increase their physical gold ownership. Currently, only 8% of XAUT’s market cap, or $230 million, is being utilized within the DeFi ecosystem, indicating that broader adoption remains limited.
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