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XAUt rises sharply as Tether's gold stablecoin market capitalization surpasses 86 million USD
USDt market capitalization continues to rise, Tether's gold stablecoin XAUt performs brilliantly
The market capitalization of USDt continues to rise rapidly, and it seems only a matter of time before it surpasses Ethereum. After March 12, the demand for margin trading among cryptocurrency traders, various gray industries, and the demand for USD in certain countries or regions have collectively driven the market capitalization of USDt to keep climbing. However, aside from the highly watched USDt, other asset stablecoins issued by Tether receive relatively little attention.
According to data platform disclosures, in addition to USDt, Tether has issued three stablecoins: EURt, CNHt, and XAUt, which are respectively pegged to the euro, the Chinese yuan, and gold. Among them, although EURt was issued in 2014, its current market capitalization is only around 45 million euros; CNHt was launched in September 2019, with a market capitalization of about 23 million renminbi; the market capitalization, trading volume, and number of exchanges for these two stablecoins are very limited.
In contrast, XAUt, which was launched at the end of January this year, has performed the best: in just over four months since its launch, its market capitalization has risen to around 8.6 million USD, with a 24-hour trading volume exceeding 110,000 USD, and it is currently listed on five trading platforms.
The reasons for the rapid rise in the market capitalization of XAUt are mainly as follows:
Each XAUt is backed by 1 ounce of physical gold, satisfying investors' demand for physical gold.
The economic crisis triggered by the COVID-19 pandemic has prompted investors to seek to hedge risks through XAUt.
The aggressive monetary easing policies of central banks worldwide have led investors to prefer allocating to safe-haven assets such as gold.
XAUt has some unique advantages, such as no custody fees, redeemable for physical gold, the minimum trading unit can be divided up to six decimal places, and 24-hour trading.
Currently, major trading platforms have built a variety of trading products around XAUt, primarily focusing on derivatives. Platforms such as Delta Exchange, FTX, and Bitfinex offer perpetual contracts and leveraged trading products for XAUt. In addition, some platforms plan to introduce XAUt into the Lightning Network to further enhance its trading efficiency.
Despite the outstanding performance of XAUt, industry insiders generally believe that it is difficult to replicate the success of USDt. The main reasons include:
The volatility of gold behind XAUt is much higher than that of USDt.
Issuing a gold-backed stablecoin is more complex than issuing a fiat-backed stablecoin.
USDt has become the basic medium for cryptocurrency trading and the default token for derivatives trading.
The gold supply chain may face shortages, affecting the reserve guarantee of XAUt.
Although the market capitalization potential of XAUt remains controversial, some analysts believe that the gold-backed stablecoin could reach a market capitalization of several billion USD. Whether Tether can successfully establish the image of "digital gold" through XAUt will require the test of time.