USDt continues to rise, XAUt emerges strongly

Recent analysis reports on the cryptocurrency market indicate that USDt is experiencing a continuous rise and is expected to surpass Ethereum to become the second-largest cryptocurrency by market capitalization. Various factors are driving the market value growth of USDt, including demand for margin trading, the gray industry, and the demand for U.S. dollars in certain countries and regions.

In addition to the widely关注的USDt, Tether has also issued other asset-backed stablecoins, such as the euro-backed EURt, the renminbi-backed CNHt, and the gold-backed XAUt. Among them, XAUt has performed the best.

XAUt was launched in late January this year, and in just over 4 months, its market value has climbed to approximately 86 million USD, with a daily trading volume exceeding 110,000 USD. It is currently listed on 5 trading platforms, including a well-known exchange and a derivatives trading platform.

The rapid rise of XAUt is attributed to the demand for safe-haven assets in gold amid the backdrop of the global economic crisis. Each XAUt represents 1 ounce of physical gold, providing users with a convenient channel for gold investment. Compared to traditional gold ETFs, XAUt does not require custody fees, can be redeemed for physical gold, and offers greater divisibility and the advantage of 24-hour trading.

Currently, many trading platforms have launched a variety of derivative trading options around XAUt, such as perpetual contracts and leveraged trading. Some platforms also plan to introduce infrastructure like the Lightning Network to further enhance the trading efficiency of XAUt.

Although XAUt is developing rapidly, industry insiders believe it is difficult to reach the market capitalization scale of USDt. The main reasons include the higher volatility of XAUt and the greater difficulty of issuance. However, there are also views that stablecoins pegged to gold may reach a market capitalization of several billion USD in the future.

XAUt still faces some challenges in its development, such as the shortage of gold supply. Whether Tether can consolidate the position of "digital gold" through XAUt in the future still needs further market validation.