Tether Gold (XAUT) enables eligible institutional clients to hold, sell, or borrow against their gold-backed token, while retail holders rely on market sales or brokerage financing. Anchorage Digital announced custody, principal-desk trading, and use of XAUT as collateral, but these services provide neither guaranteed liquidity nor FDIC or SIPC protection. Tether said that issuer TG Commodities S.A. de C.V. received an unqualified audit opinion from KPMG U.S. for the year ended December 31, 2025, although this audit does not cover all current Tether reserves. Unlike some gold-trust shares, direct XAUT redemptions involve several conditions, including verified customer status and the issuer’s discretionary acceptance; eligible holders may request a gold sale for fiat, but Tether Gold has no obligation to repurchase the tokens or bullion.
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