Tether's gold-backed stablecoin XAUt market capitalization surpasses 820.00 million USD, but on-chain adoption remains limited.

Wu Shuo learned from Pink Brains analysis that with geopolitical turmoil, high inflation, negative real yields, and declining trust in fiat currencies, gold is once again seen as a safe haven. Tether's $XAUt market capitalization exceeds 820 million USD, backed by over 246 thousand ounces of gold.

Currently, the liquidity of the active $XAUt pool on Uniswap V3 is approximately 2.20 million USD; liquidity on Curve's XAUt/PAXG pool is about 1.10 million USD; on 1inch and CowSwap, smooth trading of 100 thousand USD worth of $XAUt is possible, and even a trading volume of 1 million USD only impacts the price by around 1%.

However, these are still insufficient to drive on-chain adoption of XAUt. Currently, only more than 8,000 addresses hold $XAUt, with the two largest addresses being Tether and Binance holding about 60% of the supply; only approximately 2,500-3,000 $XAUt are deployed in liquidity pools. Currently, Fluid and Aave are integrating $XAUt, and lending and borrowing transactions will soon be available.