Tether Gold (XAUT)

Each XAUT token corresponds to one troy ounce of gold in a London Good Delivery bar stored in Switzerland, issued by an arm of Tether. It is neither a price-tracking note nor a derivative — a specific numbered bar is assigned to the token, and the issuer discloses which one to the holder. The owner holds a token outright rather than a brokerage position in a custody account.

The token is divisible, so a fraction of an ounce can be held. Subject to the issuer's terms and a minimum size, a holder may redeem, for cash or for physical metal with delivery. Fees fall on creation and redemption rather than on storage, and the tax treatment depends on the holder's country.

The appeal is that the price follows gold rather than the crypto market while transfer works like any on-chain payment, with no vaults or brokers in the way. The risk is not market risk but counterparty risk: it rests on the issuer and on the custody of the metal.

A specific numbered bar is assigned to each token, and the assignment can be checked from the holder's wallet address.