Tether Gold’s XAU₮ tops gold stablecoins with 520,089 tokens

Tether reported its tokenized gold product, Tether Gold (XAU₮), had a market value of about $2.2 billion in a December 2025 update. The program counted roughly 520,089 tokens, each backed 1:1 by a fine troy ounce held in Swiss vaults, as spot gold traded above $5,000 per ounce.

The figures were disclosed by TG Commodities, S.A. de C.V., an El Salvador corporation registered as a stablecoin issuer and digital asset service provider under the country’s Digital Asset Issuance Law. Total physical reserves were listed at 520,089.350 fine troy ounces, with 520,089.300 XAU₮ in circulation. The bars are stored in Switzerland under London Bullion Market Association Good Delivery standards.

Tether put the total market value of the program at $2,246,458,120. Tokens sold stood at 409,217.64 XAU₮, with 110,871.66 XAU₮ available for sale at period end. The firm provides daily transparency updates and conducts issuance within El Salvador’s regulatory framework.

According to Tether, demand for tokenized exposure to real-world assets accelerated in 2025, in part alongside record gold prices and geopolitical tensions. The company described XAU₮ as its largest commodity-linked product by market value.

Tether’s market data indicate that XAU₮ represents the largest share of issued and circulating gold-backed tokens. In the fourth quarter of 2025, Tether Gold Investments, which includes Tether International Limited and TG Commodities Limited, added about 27 metric tons of gold to its investment exposure.

Paolo Ardoino, Tether’s CEO: “Through Tether Gold, we are operating at a scale that now places the Tether Gold Investment Fund alongside sovereign gold holders, and that carries real responsibility.”

Tether presents XAU₮ as a way to hold title to physical gold while maintaining electronic transferability. The firm points to Swiss vaulted reserves, regulated issuance in El Salvador and open on-chain verification as core elements of the program. 

Gold-backed stablecoins expanded in 2025, according to the company, as institutional and digital-native investors sought on-chain exposure to bullion.