Tether, the company behind usdt stableecoin Collaborates with Crypto Miner -Financing Company Number to collect at least $ 200 million for a new digital asset box for tokenized gold, Bloomberg reported Friday with reference to sources familiar with the case.
The scheduled vehicle would store A blockchain-based token supported by physical gold bars under custody in a Swiss vault. Xaut is the largest tokenized gold offer on the market with almost $ 1.5 billion market value.
Number is known as a key loan for the manufacturer of Chinese crypto equipment bitmain and offers supply chain and margin loans.
The report follows an extended partnership between Tether and Number, which was announced on Monday, to launch a dedicated hub for Xaut-supported lending, custody and token redemption services. Number said it is planning to work with partners to open vaults in larger financial nodes, allowing users to redeem digital tokens for physical gold.
Tether has expanded beyond issuing his flagship USDT -Token, the largest stableecoin with a supply of $ 174 billion, with investments spanning Bitcoin mining, payments, energy and artificial intelligence (AI). It was a leading investor along with BitFinex, which it shares keys and ownership and softbank in the Bitcoin Treasury company XXI Capital, launched earlier this year. Tether is also reportedly seeking funding for a valuation of $ 500 billion to burn its expansion.
Paolo Ardoino, CEO of Tether, has been a vocal spokesman for gold as a hard asset, the company had $ 8.7 billion in the yellow metal on his balance, according to its June attestation.
