Tether to Discontinue Gold-Backed Derivative Stablecoin aUSDT

CoinFeed June 18 news, according to Cointelegraph, Tether announced the gradual shutdown of its gold-backed over-collateralized stablecoin aUSDT to focus on core products with stronger user demand, deeper liquidity, and greater long-term market opportunities. aUSDT is a derivative based on XAUT launched by Tether in June 2024, allowing users to deposit XAUT as collateral to mint aUSDT. Its current market cap is approximately $1.2 million, backed by 14.73 kilograms of gold (about $2.2 million). The shutdown will be phased, with users having three months to redeem XAUT, with a deadline of September 17. Tether stated it will concentrate resources on XAUT and other core products. XAUT currently has a market cap of $3 billion, backed by 22,169 kilograms of physical gold.