The reserves backing the Tether Gold (XAUT) token reached 25.7 tons as of September 30, 2026, up from 7.7 tons eighteen months earlier, with 827,418 fine troy ounces held across 2,057 bars in Switzerland. Their value stood at $3.44 billion, a 53% increase from the end of 2025 despite the decline in gold prices, while customers’ XAUT holdings rose 73% over the period. Tether recorded net purchases of more than 9 tons of XAUT since January, while 118,094 already-minted tokens representing $491 million in gold remained unallocated. Each XAUT is backed by one fine troy ounce assigned to an individually identified bar, but the report relies on a third-party sampling exercise rather than a full audit of all 2,057 bars. With a market capitalization of about $3.33 billion, XAUT leads PAX Gold and accounts for nearly two-thirds of the gold-backed stablecoin market.
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