Stablecoin issuer Tether is launching its gold-backed stablecoin XAUT (Tether Gold) in Thailand, marking a significant step forward for the crypto market in the Southeast Asian nation. The listing on Maxbit, a Thai cryptocurrency exchange created through a joint venture with PTG Energy, enables access to this new asset. 🌎 Tether’s Paolo Ardoino noted: ‘We are pleased to see XAUT listed on Maxbit, marking a significant milestone as the first platform to offer access to our gold-backed digital asset in Thailand.’ The stablecoin will be pegged at 1:1 to physical gold, with each coin backed by one troy ounce of real gold. The gold is securely stored in vaults within Switzerland. This news comes alongside Tether’s impressive market expansion. 📈 Tether is aiming for greater global dominance and currently boasts a significant portion of the stablecoin market share (61%). Its USDT stablecoin has experienced notable growth, with its market cap nearing $1 billion and trading at over $3,246 on April 22, 2025. XAUt’s highest price reached $3,529 in April 2025, while its lowest was recorded at $1,408 during the same period. Tether’s growth is a reflection of the expanding crypto market and its growing role as a critical tool for both trading and DeFi initiatives. 💼 The company has faced regulatory scrutiny in recent years, with the U.S. CFTC penalizing Tether with a $41 million fine in 2021 for misleading statements about reserve backing. Despite this, concerns remain regarding possible market manipulation and transparency gaps. Tether’s continued development includes the launch of USDT0 in 2025 and partnerships such as those with the Plasma Foundation to offer zero-fee transfers on networks like Flare. This move reflects Tether’s commitment to providing more accessible options for stablecoin usage across various platforms and applications.