- Tokenized Gold tokens jumped nearly 6% as spot gold topped $5,500 per ounce for the first time.
- Tether Gold rose about 5.8% to $5,543 while Pax Gold gained about 5.9% to $5,561, per CoinGecko data.
- Tether says it is buying one to two tons of gold per week and now holds nearly 140 tons in reserves, according to an interview with CEO Paolo Ardoino.
- Tether Gold accounts for over half of the gold-backed stablecoin market, with about a $2.62 billion market capitalization.
- Smaller tokenized gold assets like Kinesis Gold and Matrixdock Gold also hit fresh highs, and retail sentiment on Stocktwits registered high bullish readings.
Tokenized gold assets rallied Wednesday as spot bullion pushed above $5,500 per ounce amid markets reacting to the Federal Reserve’s decision not to cut interest rates. Digital gold tokens including Tether Gold and Pax Gold rose roughly 5.8%–5.9% in 24 hours, with price data reported by CoinGecko.
The rally pushed Tether Gold to about $5,543, slightly below its record near $5,554, while Pax Gold reached about $5,561. The SPDR Gold Shares ETF (GLD) was heavily discussed and climbed 3.88% in regular trading before adding 2.62% in after-hours trade.
In an interview, Tether CEO Paolo Ardoino said the company has been buying one to two tons of gold per week and plans to continue that pace for “definitely the next few months.” He added that the firm will review demand quarterly and that, “Maybe we are going to reduce, we don’t know yet. We are going to assess on a quarterly basis our demand for gold.” The company reported holding nearly 140 tons of gold, making it the largest holder outside central banks.
Tether Gold holds more than 50% of the gold-backed stablecoin market with an estimated $2.62 billion market cap. Earlier this week, Tether also announced the launch of USAT, a U.S. dollar–pegged stablecoin available to U.S. customers, unlike USDT.
Other tokenized gold coins such as Kinesis Gold and Matrixdock Gold posted gains and fresh highs, with KAU rising to over $178 and XAUM near $5,545 in the last 24 hours. Retail sentiment on Stocktwits showed elevated bullish readings and heavy chatter around these assets.
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