Tether and Ledn Launch Gold-Backed Loans Using $23 Billion XAUT Reserves

Tether, recognized as the leading stablecoin issuer globally, has teamed up with Ledn, a cryptocurrency lending platform, to facilitate loans backed by bullion, utilizing its gold reserve valued at $23 billion and Tether Gold (XAUT) tokens. On June 18, 2026, Ledn revealed that XAUT would be accepted as collateral, enabling users to leverage tokenized gold later that year. XAUT can now be held in Ledn Transaction Accounts and traded alongside BTC, USDT, and USAT. Loans backed by gold, denominated in USDT and USAT, will not be accessible to residents of Canada or the EU. Tether invested strategically in Ledn in November 2025. Since 2018, Ledn has issued over $10 billion in loans, adhering to a conservative model that maintains client collateral at a 1:1 ratio. This collaboration positions Tether and Ledn ahead of Paxos Gold (PAXG), which lacks similar lending features. Tether possesses approximately 140 tons of physical gold and is enhancing XAUT's utilization through investments in Gold.com and a partnership with Antalpha. On June 17, 2026, Tether announced plans to discontinue Alloy by Tether and aUSDT to concentrate on XAUT. Tether's CEO, Paolo Ardoino, indicated that this initiative addresses the increasing demand for a blend of long-term ownership and financial flexibility, although specific loan terms remain undisclosed.