Tether winds down Alloy and halts new aUSDT minting as XAUT remains its flagship gold token

Tether said it will wind down the Alloy platform and discontinue its aUSDT stablecoin, which was launched in June 2024 and is minted against XAUT (Tether Gold) collateral. It described the move as product streamlining rather than an exit from tokenized gold, while keeping XAUT as a core offering with a market value of about $3 billion backed by more than 22 tons of physical gold. Alloy’s market cap is around $1.2 million. The shutdown is not expected to directly disrupt trading in the traditional gold market, but it further centers XAUT as a key on-chain gateway to gold exposure.