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Tether’s new gold backed stablecoin is now on Hyperliquid. And it might be just the beginning for merging physical gold with digital assets.
What’s happening:
- Tether’s new omnichain gold backed stablecoin XAUt0 is now available for trading on popular decentralized exchange Hyperliquid
Why it matters:
- This is the first time ever that Hyperliquid has listed a token that is backed by physical gold on their rapidly growing decentralized exchange, which has notably been breaking new all time records for total trading volume and open interest
Going deeper:
- The Open Network was the first blockchain to integrate XAUt0 for trading, which also enabled Telegram users to be able to purchase XAUt0 directly through their in app crypto wallet
- Tether has also continued to ramp up their exposure to gold, including just recently purchasing a large equity stake in Canadian gold royalty company Elemental Altus Royalties (TSXV: ELE)
The intrigue:
- Tokenizing gold has also been a emerging theme in the traditional public markets, with multiple prominent natural resource entrepreneurs recently joining Streamex Exchange to tokenize physical gold as well as mining royalties
