XAUt added to its bullion backing during gold’s worst quarter since 2013, as tokenized commodity holder counts continued to rise.
The physical gold reserves backing Tether Gold (XAUt) increased 9.5% in the second quarter, which Tether said reflected growing demand for tokenized gold exposure.
Gold fell 14.1% during the quarter, its worst quarterly performance since the second quarter of 2013, data from TradingView shows.
“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,” said Paolo Ardoino, CEO of Tether, in Monday’s XAUt attestation report.
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