Tether's XAUT stablecoin, backed by 7.66 metric tons of gold, has reached a market capitalization of over $814 million as of Q2 2025. With nearly 250,000 XAUT tokens in circulation, the stablecoin offers investors exposure to gold without physical ownership, supported by a 27% rise in gold prices this year. Tether is preparing to enter the U.S. market, seeking compliance with the GENIUS Act and an audit from a Big Four firm. Further details on their U.S. strategy are expected in the coming months.