Tether has rolled out its gold-backed token XAUt on BNB Chain, and Binance says spot trading for the asset is now live across multiple quote pairs. The move puts tokenized gold closer to the mainstream crypto trading flow, letting users add gold exposure without leaving the digital asset markets they already use.
XAUt gains a new network and broader trading access
XAUt is issued by Tether and tracks physical gold reserves, with each token backed by allocated bars held in Swiss vaults. Tether is best known for USDT, but XAUt reflects a separate push into onchain products tied directly to reserve assets. By launching on BNB Chain, the company is widening access to tokenized gold and placing it inside a network already used for active asset movement and trading.
Binance confirmed that spot trading for XAUt is available on its platform in several quote asset pairs. That gives the token direct access to a large exchange user base and allows traders to swap between gold-backed exposure and major cryptocurrencies inside existing portfolios. Gold, in this setup, sits next to crypto rather than outside it.
Market cap nears $3.2 billion, with about 60% of the sector
According to the cited market data, XAUt has a market capitalization close to $3.2 billion. It is backed by roughly 1,800 gold bars stored in Swiss vaults. Sector research referenced in the report estimates that XAUt accounts for around 60% of the total value of gold-backed stablecoins worldwide, keeping it in the lead among tokenized gold products.
The report also describes BNB Chain as the second-largest blockchain network for real-world asset tokens by total distributed value. In recent weeks, the network has seen higher asset inflows and growth in new account holders. That pattern points to rising demand for more varied onchain allocation options, and XAUt adds a precious-metals layer to that mix.
Gold price swings have lifted interest in tokenized bullion products
The article says spot gold climbed to a record $5,595 per ounce earlier this year before falling to about $4,450 by late March. Since late February, gold has dropped by more than 15%. The decline followed a sharp rally tied to geopolitical tension and came alongside changing market sentiment linked to oil prices, inflation pressure, and US dollar strength.
That volatility has fed trading activity in hedged and leveraged gold products. Crypto.com recently introduced perpetual contracts tied to tokenized gold, while also supporting spot trading for both XAUt and rival product PAXG. For exchanges, tokenized gold is no longer just a passive holding instrument; it is becoming a trading category that spans spot and derivatives.
Tether frames the launch as a utility push for digital gold
Tether CEO Paolo Ardoino said the BNB Chain launch is meant to expand gold’s functionality in digital markets. He said the company wants to make gold more flexible and accessible for onchain investors and traders, and added that the integration is also intended to support wider adoption of tokenized real-world assets in digital asset portfolios.