Tether, a leading stablecoin issuer, has entered into partnership talks with Antalpha Platform Holding, a company closely associated with the Bitcoin mining giant Bitmain Technologies Ltd. The parties are exploring a potential funding deal worth at least $200 million to bolster Tether’s XAUt tokenized gold product. 82% of global cryptocurrency mining hardware is supplied by Bitmain, deepening the ties between the companies. Antalpha works closely with Bitmain and is a key partner in Tether’s gold venture, further leveraging their combined expertise for this initiative. Tether, however, has not publicly commented to the press regarding the specific details of the arrangement. Cohen & Co. acts as advisors to the deal, highlighting its significance and complexity. 2020 saw Tether launching XAUt, a tokenized gold product backed by actual physical gold, which currently boasts a market capitalization of around $1.5 billion. This move aims to capitalize on surging gold demand, driven by global economic uncertainty and inflation concerns. Tether’s plans to raise up to $20 billion in capital for its core stablecoin operations are already under way, potentially leading to a significant valuation increase for the company, positioning it amongst the world’s most valuable private businesses.