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XAUt market capitalization has surpassed $86 million. Can it become the gold version of USDt?
The rapid rise of the gold stablecoin XAUt, can it become the next USDt?
Recently, analysis reports of the cryptocurrency market have indicated that the growth momentum of USDt is strong and it is expected to surpass Ethereum. The inflationary trend of USDt is evident, driven by various factors propelling its market value to continue climbing. However, other assets issued by Tether that are pegged to stablecoins have received relatively little attention.
In addition to USDt, Tether has also issued stablecoins EURt, CNHt, and XAUt, which are pegged to the euro, renminbi, and gold, respectively. Among them, XAUt, launched in late January this year, has performed the best. Data shows that since its launch over four months ago, XAUt's market cap has risen to around 86 million USD, with a 24-hour trading volume exceeding 110,000 USD, and it is currently listed on five exchanges.
The rapid growth of XAUt is closely related to the current economic environment. The economic crisis triggered by the COVID-19 pandemic has provided a good opportunity for its market value to increase. Each XAUt is anchored to one ounce of physical gold, and its market value growth reflects the demand for physical gold from investors. XAUt offers investors a convenient channel for gold investment, particularly attracting traders who are interested in both cryptocurrency and gold.
The aggressive monetary easing policies of global central banks and the risk of economic recession have prompted investors to seek hedging against risks through XAUt. XAUt has several advantages over traditional gold investment products, such as no custody fees, redeemable for physical gold, divisible trading units, and 24-hour trading. These factors have driven the rapid growth of XAUt's market value.
Currently, XAUt is mainly traded on exchanges such as Delta Ex, FTX, and Bitfinex, with derivatives being the primary trading objects. Various platforms offer a range of products for XAUt, including perpetual contracts and leveraged trading. In the future, some exchanges plan to introduce the Lightning Network to further optimize the trading experience for XAUt.
Despite the impressive performance of XAUt, the competition in the stablecoin space pegged to gold is fierce. Currently, there are over 75 similar projects in the market, including PAX Gold issued by Paxos. Whether XAUt can replicate the success of USDt remains to be seen.
Industry insiders have differing views on the future of XAUt. Some believe that XAUt is unlikely to reach the market capitalization scale of USDt due to its high volatility and more complex issuance process. Others believe that gold-backed stablecoins may potentially reach a market capitalization of hundreds of billions of dollars in the future.
XAUt faces some challenges during its development, such as the shortage of gold supply. Whether Tether can secure a place in the "digital gold" space through XAUt still requires time to verify.