Core Insights - Tether Holdings SA is in discussions with Antalpha Platform Holding to raise at least $200 million for a public vehicle that will accumulate tokenized gold assets, specifically Tether's gold token "XAUt" [1][2] - This initiative is part of a broader trend towards "gold on-chain" and the expansion of Real-World Assets (RWA) in the digital asset ecosystem, focusing on centralized custody and compliance [1][4] Company Developments - Tether, the issuer of the largest stablecoin USDT, is collaborating with Antalpha, which is closely associated with Bitmain, a major player in the cryptocurrency mining sector [2] - The partnership aims to enhance the accessibility of XAUt through various services, including lending against the token, and establishing physical vaults for token redemption [3][4] - Tether has previously acquired an 8.1% stake in Antalpha, indicating a deepening relationship between the two companies [3] Market Context - The demand for physical gold has surged by 46% this year due to geopolitical uncertainties and inflation concerns, leading to a doubling of the market cap for Tether's gold token [3] - The proposed fundraising and expansion of the XAUt ecosystem are seen as critical steps in Tether's strategy to increase liquidity and market capitalization of tokenized gold [4] Industry Trends - The tokenization of real-world assets is projected to exceed $18 trillion by 2033, with a compound annual growth rate (CAGR) of 53% since 2025 [5] - RWA tokenization is gaining traction among traditional financial institutions, which are increasingly focusing on integrating blockchain technology into their operations [6] - Major banks are exploring RWA as a means to diversify revenue streams and enhance compliance within existing financial regulatory frameworks [6]