What is XAUt's quality score?

XAUt (Tether) scores 72/100 on OnChain Benchmark's RWA Quality Rating — Institutional-grade, as of Oct 11, 2026 (methodology v1.6).

How is XAUt's quality score calculated?

OnChain Benchmark scores XAUt across four dimensions, each out of 25: disclosure quality (12/25), redemption liquidity (19/25), structural trust (15/25), and holder concentration (22/25). Each is multiplied by its methodology weight (structural trust ×1.4, holder concentration ×1.3, redemption liquidity ×0.9, disclosure quality ×0.4; weights sum to 4.0) and summed into the 72/100 composite — a weighted, not a plain, sum, so the four dimension scores do not add directly to the total. The full rubric is published at onchainbenchmark.com/methodology.

How concentrated is XAUt's ownership?

OnChain Benchmark scores XAUt's holder concentration 22/25 — one of the four dimensions of its quality rating, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets), across both of its chains (Ethereum and BNB Chain). A higher score means ownership is more broadly distributed; a lower score means it is held by fewer wallets.

What does Institutional-grade mean?

Under OnChain Benchmark methodology v1.6, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). XAUt scores 72/100, placing it in Institutional-grade.

OCB — Quality Rating · Commodities

XAUt Quality Rating

XAUt (Tether) scores 72/100 on OnChain Benchmark's RWA Quality Rating — rated Institutional-grade (methodology v1.6, as of Oct 11, 2026).

Latest onchain read Oct 11, 2026

Updated daily

Quality score

of 100 · Institutional-grade

Dimensions measured

of 4

Outstanding supply

$3.12B

as of Oct 11, 2026

Chains

with measured supply

Why XAUt scores 72

The biggest gap in XAUt's score is how its custody is verified.

Each dimension's score is multiplied by its weight and summed: 71.50 of a possible 100, rounded to 72.

Composite

72 / 100

Dimension	Score	Weight	Why it scored this
Structural Trust Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. The issuer is supervised by CNAD (El Salvador). Upgrades to the contract go through a timelock controlled by a standard multisig (such as 3-of-5). Upgrade factorCustody verified independently, with public reports.	15 / 25	×1.4	Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. The issuer is supervised by CNAD (El Salvador). Upgrades to the contract go through a timelock controlled by a standard multisig (such as 3-of-5). Upgrade factorCustody verified independently, with public reports.
Redemption Liquidity Retail investors can redeem, with some friction; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (22 of 25).	19 / 25	×0.9	Retail investors can redeem, with some friction; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (22 of 25).
Disclosure Quality Independent checks on the holdings are limited. The latest attestation is 2 days old, with 6 in the last six months. Upgrade factorIndependent confirmation of this token's own holdings, at least monthly.	12 / 25	×0.4	Independent checks on the holdings are limited. The latest attestation is 2 days old, with 6 in the last six months. Upgrade factorIndependent confirmation of this token's own holdings, at least monthly.
Holder Concentration Ownership is concentrated: the top 10 holders across both of its chains (Ethereum and BNB Chain) own 32.1% of the free float. Upgrade factorA wider holder base, with the top 10 owning 20% or less (25).	22 / 25	×1.3	Ownership is concentrated: the top 10 holders across both of its chains (Ethereum and BNB Chain) own 32.1% of the free float. Upgrade factorA wider holder base, with the top 10 owning 20% or less (25).

OCB Instrument

Outstanding supply

Measured onchain daily, summed across every chain the fund is issued on. Latest reading $3.12B.

Source: OCB Quality Ratings · XAUt · onchainbenchmark.comMeasured daily · Oct 11, 2026

OCB Instrument

Rating history

XAUt’s quality rating, measured daily.

Source: OCB Quality Ratings · XAUt · onchainbenchmark.comRecomputed daily · Oct 11, 2026

Key facts

Issuer, rubric and methodology

Issuer: Tether
Asset class: Commodities
Rubric: RWA Quality Rating
Methodology: v1.6
Last scored: Oct 11, 2026
What it is: Token backed 1:1 by physical gold held in Swiss vaults.

Chains

Share of measured supply by chain

With measured supply

Chain	Contract	Share of measured supply
Ethereum	0x687496…782F38Explorer ↗	98.2%
BNB Chain	0x21cAef…96A3bfExplorer ↗	1.8%

Evidence

Verified facts behind the rating

A sample of the verified facts behind XAUt’s score. The full diligence trail is in the terminal.

Facts shown

Dimension	Fact	Finding	Verified	Source
Holder Concentration	Address exclusion	Etherscan label "Exchange". Bitget custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Gate.io deposit account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Aave V3: aEthXAUt Token". DeFi protocol holding XAUT as collateral. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Tether own treasury wallet. Excluded from concentration.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Bitfinex exchange custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Bitfinex hot wallet. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Binance custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". OKX custody account. Excluded.	Jun 1, 2026	Etherscan label
Holder Concentration	Address exclusion	Etherscan label "Exchange". Bybit custody account. Excluded.	Jun 1, 2026	Etherscan label
Disclosure Quality	Attestation source	Tether publishes dedicated quarterly gold-reserve attestations for this token, prepared by BDO Italia under ISAE 3000 limited assurance (1:1 physical gold), at gold.tether.to/reports.	Jul 9, 2026	gold.tether.to/reports — quarterly BDO Italia ISAE 3000 attestations.
Holder Concentration	Address exclusion	Contract tab: upgradeable contract. Tether infrastructure. Excluded.	Jun 1, 2026	Etherscan Contract tab
Holder Concentration	Address exclusion	Etherscan label "XAUt0: upgradeable contract". Tether's own adapter contract for the XAUT token. Infrastructure contract, not a retail holder. Address confirmed June 1, 2026.	Jun 1, 2026	Etherscan holders tab label

Cite this rating

Reference XAUt’s rating

Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.

Plain

OnChain Benchmark (2026). XAUt Quality Rating: 72/100 (Institutional-grade), as of Oct 11, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/xaut

Harvard

OnChain Benchmark (2026) 'XAUt Quality Rating', OnChain Benchmark, Institutional-grade, 72/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/xaut (Accessed: Oct 11, 2026).

BibTeX

@misc{ocb_xaut_2026,
  author = {{OnChain Benchmark}},
  title = {{XAUt Quality Rating}},
  year = {2026},
  note = {72/100, Institutional-grade, methodology v1.6},
  url = {https://onchainbenchmark.com/instruments/xaut}
}

Full diligence trail

The interactive terminal shows every verified fact behind XAUt's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.

Open in the terminal →Read the methodology →

Dimension

Score

Structural Trust

Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. The issuer is supervised by CNAD (El Salvador). Upgrades to the contract go through a timelock controlled by a standard multisig (such as 3-of-5).

Upgrade factorCustody verified independently, with public reports.

15 / 25

Redemption Liquidity

Retail investors can redeem, with some friction; the top score also needs a deep onchain market alongside it.

Upgrade factorOnchain liquidity of at least 0.5% of supply (22 of 25).

19 / 25

Disclosure Quality

Independent checks on the holdings are limited. The latest attestation is 2 days old, with 6 in the last six months.

Upgrade factorIndependent confirmation of this token's own holdings, at least monthly.

12 / 25

Holder Concentration

Ownership is concentrated: the top 10 holders across both of its chains (Ethereum and BNB Chain) own 32.1% of the free float.

Upgrade factorA wider holder base, with the top 10 owning 20% or less (25).

22 / 25

Chain

Share of measured supply

Ethereum

98.2%

BNB Chain

1.8%

Dimension

Finding

Verified

Holder Concentration

Etherscan label "Exchange". Bitget custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Gate.io deposit account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Aave V3: aEthXAUt Token". DeFi protocol holding XAUT as collateral. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Tether own treasury wallet. Excluded from concentration.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Bitfinex exchange custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Bitfinex hot wallet. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Binance custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". OKX custody account. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "Exchange". Bybit custody account. Excluded.

Jun 1, 2026

Disclosure Quality

Tether publishes dedicated quarterly gold-reserve attestations for this token, prepared by BDO Italia under ISAE 3000 limited assurance (1:1 physical gold), at gold.tether.to/reports.

Jul 9, 2026

Holder Concentration

Contract tab: upgradeable contract. Tether infrastructure. Excluded.

Jun 1, 2026

Holder Concentration

Etherscan label "XAUt0: upgradeable contract". Tether's own adapter contract for the XAUT token. Infrastructure contract, not a retail holder. Address confirmed June 1, 2026.

Jun 1, 2026

@misc{ocb_xaut_2026, author = {{OnChain Benchmark}}, title = {{XAUt Quality Rating}}, year = {2026}, note = {72/100, Institutional-grade, methodology v1.6}, url = {https://onchainbenchmark.com/instruments/xaut} }