USDt market capitalization continues to rise, XAUt stands out.

Recently, a report analyzing the cryptocurrency market pointed out that the rise of USDt is strong, and surpassing Ethereum's market capitalization seems to be just a matter of time. Since March 12, factors such as the demand for cryptocurrency trading margin, the gray industry, and the demand for dollars in certain countries and regions have jointly driven the market capitalization of USDt. However, while USDt is receiving much attention, other assets issued by Tether that are pegged to stablecoins have rarely entered the public eye.

According to official data, besides USDt, Tether has also issued stablecoins pegged to the Euro, Renminbi, and Gold: EURt, CNHt, and XAUt. Among them, although EURt and CNHt were issued earlier, their market capitalization and trading volume are relatively limited. In contrast, XAUt, which was launched at the end of January this year, has performed remarkably well.

Data shows that XAUt has been online for just over 4 months, with a market capitalization soaring to about 86 million USD and a 24-hour trading volume exceeding 110,000 USD. It is currently listed on 5 trading platforms. The rapid rise of XAUt is mainly attributed to the demand for gold as a safe-haven asset from investors amid the backdrop of the global economic crisis. Each XAUt is anchored to one ounce of physical gold, providing investors with a convenient channel for gold investment.

The advantages of XAUt include no custody fees, support for physical gold redemption, trading units that can be divided up to six decimal places, and 24/7 trading. These features attract a variety of users, including retail investors, professional traders, and institutional investors.

Currently, major trading platforms have built a variety of trading products around XAUt, including perpetual contracts, leveraged trading, and margin trading. Some platforms also plan to introduce the Lightning Network to further enhance the convenience of XAUt trading.

Although XAUt has performed well, industry insiders believe it is difficult to reach the market capitalization scale of USDt. The main reason is that the volatility of XAUt is higher than that of USDt, and the issuance process is more complex. However, there are also views that stablecoins anchored to gold may reach a market capitalization of hundreds of billions of dollars in the future.

XAUt still faces numerous challenges in its future development, such as issues with gold supply shortages. Compared to other competitors that have obtained regulatory approval, Tether still has room for improvement in the credibility of its gold reserve audits.

With the continuous development of the cryptocurrency market, the status of USDt as "central bank of cryptocurrencies" and "peer-to-peer electronic cash" has been basically established. Whether Tether can achieve greater success in the "digital gold" field through XAUt remains to be verified by the market.