Tether Gold reserves surge 9.5% despite gold's worst quarter since 2013
In brief
- XAUt reserves increased 9.5% in Q2 despite gold's 14.1% quarterly decline
- Tether Gold holder base expanded 6.5% to 253,000 users in 30 days
- XAUt received Shariah certification from Amanah Advisors in July
Reserves and adoption surge amid gold weakness
The physical gold reserves backing Tether Gold increased 9.5% in the second quarter, according to Tether. The timing is notable: gold fell 14.1% during the quarter, its worst quarterly performance since the second quarter of 2013.
Tether attributed the increase to growing demand for tokenized gold exposure. The number of XAUt holders rose 6.5% to 253,000 in the past 30 days, according to RWA.xyz data. The expansion suggests investors are using blockchain-based gold tokens to maintain precious metal exposure without custody friction.
Paolo Ardoino, CEO of Tether, described the holder behavior directly.
Holders of Tether Gold are not only buying XAUt when the price of gold is rising. They are using periods of market weakness to increase their ownership of physical gold through a product that is fully backed, transparent, portable and accessible onchain
Commodity tokenization momentum continues
XAUt ranks as the largest distributed tokenized commodity product with $2.4 billion in total value as of Monday. The broader tokenized commodity market, however, contracted. The value of distributed tokenized commodities fell 4.2% to $4.58 billion in the past 30 days.
XAUt's resilience stands out. The token received Shariah certification from Amanah Advisors in July, expanding its appeal to Islamic finance participants. This certification signals maturation in how tokenized assets are being positioned across regulatory and faith-based frameworks.
The Q2 growth follows stronger momentum in Q1. XAUt's physical gold reserves increased 36% in the first quarter to 707,747 fine troy ounces, valued at $3.3 billion at quarter-end. Back-to-back quarters of reserve expansion suggest sustained institutional and retail interest in on-chain bullion ownership, regardless of spot price direction.
