ONCHAINBENCHMARKTerminal
Coverage/XAUT
Log in
OverviewResearch→

Indexes

RWA QualityStablecoin HealthLiquidity Depth

Data

RWA Tracked Capital

API Keys

API Keys

Site ↗

Methodology ↗Coverage ↗Issuers ↗Pipeline ↗
XAUTTokenized Commodities·Tether·LiveAs of Jul 7, 2026

Tether Gold

Token backed 1:1 by physical gold held in Swiss vaults.

Verified Capital Trust Rating
72/ 100
Institutional-grade+13 to Verified Capital (≥85)

Deployments

ETHEthereum· Primary
View on explorer →

0x68749665FF8D2d112Fa859AA293F07A622782F38

C56Chain 56· Not collected

0x21cAef8A43163Eea865baeE23b9C2E327696A3bf

OCB — 01·Rating breakdown
Methodology v1.1 · Jul 7, 2026

XAUT across four dimensions

DisclosureLIMITING3 / 25
Liquidity19 / 25
Structure15 / 25
Concentration25 / 25
Gap to Verified Capital (≥85)+13

Signal readings

Disclosure tier
aggregate naming instrument
Attestations / 180d
0
DEX liquidity
$0.00
Outstanding supply
$2.93B
Liquidity / supply
0.000%
Top-10 holder pct
8.4%
OCB — 02·Outstanding supply
$2.93B

XAUT supply over time

XAUT · Tether

Outstanding supply (USD)

XAUT outstanding supply is $2.93B as of Jul 7, 2026. -4.2% over the prior 30 days.

ONCHAIN
BENCHMARK
$0$688.94M$1.38B$2.07B$2.76B$3.44B$2.93BUSDJAN 23AUG 23MAR 24OCT 24MAY 25DEC 25JUL 26
Source: OCB · XAUT · onchainbenchmark.comUpdated daily
OCB — 03·Rating history
50 readings

XAUT trust rating since coverage began

XAUT · Verified Capital Trust Rating

Composite rating (0–100)

XAUT rating is 72 as of Jul 7, 2026.

ONCHAIN
BENCHMARK
02040608010072TRUST SCORE 0–100JUN 26JUL 26
Source: OCB Trust Ratings · XAUT · onchainbenchmark.comUpdated daily
OCB — 04·Coverage gaps + diligence

What closes the gap — and who closes it

Full verification runbook →
Disclosure Quality — yield accuracy· 1 finding
Gap· temporary collector gap

XAUT has no yield by design — each token represents 1 troy oz of physical gold. The Yield Accuracy dimension scores against the LBMA gold spot price, but the LBMA benchmark collector is not yet wired.

What would close it

Daily gold spot price reference becomes part of our measurement set — already collected, integration shipping next.

If closed: 55–61 composite
governance findingXAUT — no onchain price oracle90% confidence
  • ·No getPrice() or equivalent found on Read as Proxy tab (2026-06-01).
  • ·Valuation method: totalSupply() * offchain_gold_spot (LBMA).
  • ·LBMA benchmark collector not yet wired (lbma_gold_spot). yield dimension will use pegWithoutRate fallback until LBMA feed is live.

Score impact: yield score: pegWithoutRate = 5/25 until LBMA benchmark collector is wired.

Verified Jun 1, 2026· Etherscan Read as Proxy tab
Disclosure Quality — issuer disclosure· 2 findings
Gap· issuer undisclosed

Tether publishes periodic reserve breakdowns for USDT, but no dedicated per-token XAUT attestation report has been published.

What would close it

Issuer publishes a dedicated XAUT reserve attestation.

If closed: 62–68 compositePeer (closed): PAXG
attestation sourceXAUT reserve attestation — not found80% confidence
  • ·No onchain price oracle found on Read as Proxy tab (2026-06-01).
  • ·No published reserve attestation URL found for XAUT as of 2026-06-01.
  • ·Tether does not publish regular third-party attestations for XAUT gold reserves comparable to stablecoin attestation cadence. attestationFreshness scores 0.

Score impact: attestationFreshness = 0/25 (no live attestation source). Full transparency score penalized.

Verified Jun 1, 2026· Etherscan Read as Proxy tab; tether.to research
governance findingXAUT admin — MultiSigWallet (3-of-6)95% confidence

  • ·owner() returns .
  • ·Contract is classic Gnosis MultiSigWallet (Stefan George / ConsenSys, Solidity 0.4.16, MAX_OWNER_COUNT = 50).
  • ·Read Contract: required = 3, owners[] = 6 addresses.
  • ·Upgrade pattern: AdminUpgradeabilityProxy (transparent proxy).
  • ·3-of-6 multisig controlling upgrades on ~$700M token.
  • ·Better than single EOA but lighter than 4-of-7 used by Ondo instruments.

Score impact: governance sub-score: multisig (better than single_eoa baseline). Upgrade pattern: transparent_proxy (not immutable). Combined governance score lower than USDY/OUSG due to 3-of-6 vs 4-of-7 threshold.

Verified Jun 1, 2026· Etherscan Read Contract tab on owner address
Holder Concentration· 22 findings
address exclusionAave V3: aEthXAUt Token (rank 20, 0.92%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
holder investigationXAUT rank 16 — unlabeled, kept in60% confidence

0x93008d9593d8CD06E

  • ·No Etherscan label, no Contract tab check performed.
  • ·Holds 1.37% of supply.
  • ·Conservative choice: kept in concentration calculation.

Score impact: Contributes ~1.37% to scored top-10. If Contract tab shows proxy, removal would have minimal effect given how many others are excluded.

Verified Jun 1, 2026· Etherscan holders tab
address exclusionTether infrastructure proxy (rank 2)95% confidence

  • ·Contract tab on Etherscan confirms AdminUpgradeabilityProxy bytecode.
  • ·Not a retail holder — Tether internal proxy contract consistent with their contract architecture.
  • ·Excluded from concentration calculation.

Score impact: Removed from top-10 concentration calc. Rank 2 exclusion shifts remaining ranks up; lowers scored concentration pct.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionTether infrastructure proxy (rank 3)95% confidence

  • ·Contract tab on Etherscan confirms AdminUpgradeabilityProxy bytecode.
  • ·Not a retail holder — Tether internal proxy contract.
  • ·Excluded from concentration calculation.

Score impact: Removed from top-10 concentration calc.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionOKX 219 (rank 9, 2.47%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionTether proxy (rank 19, 0.92%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy.
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionTether proxy (rank 17, 1.32%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy.
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
holder investigationXAUT rank 8 — XAUt0: OAdapterUpgradeable (address pending)85% confidence
  • ·Etherscan label includes "XAUt0" — clearly Tether infrastructure.
  • ·Full address not captured from screenshot.
  • ·Kept out of exclusion migration 0034 pending address confirmation.
  • ·Should be excluded once address is retrieved.

Score impact: Likely excludable once address confirmed. Holds 2.63% of supply.

Verified Jun 1, 2026· Etherscan holders tab
address exclusionXAUt0: OAdapterUpgradeable (rank 8, 2.63%)95% confidence

  • ·Etherscan label "XAUt0: OAdapterUpgradeable".
  • ·Tether own adapter contract for XAUT token.
  • ·Infrastructure contract, not a retail holder.
  • ·Address confirmed 2026-06-01.
  • ·Closes the pending item noted in migration 0034.

Score impact: Removed from top-10 concentration calc. Post-exclusion top-10 is now rank 16 only (~1.37%). Concentration score: 25/25.

Verified Jun 1, 2026· Etherscan holders tab label
address exclusionTether: Treasury (rank 1, 13.41%)98% confidence

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

Score impact: Largest single holder removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionBitfinex 2 (rank 5, 3.87%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionBitfinex: Hot Wallet (rank 6, 3.12%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionBinance 14 (rank 7, 2.88%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionTether proxy (rank 18, 1.23%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy.
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionBybit 26 (rank 11, 2.20%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionBitget 35 (rank 15, 1.81%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionGate Dep (rank 21, 0.86%)98% confidence

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

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan label
address exclusionTether proxy (rank 4, 5.41%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy (AdminUpgradeabilityProxy).
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionTether proxy (rank 10, 2.35%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy.
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionTether proxy (rank 12, 1.87%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy.
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionTether proxy (rank 13, 1.84%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy.
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
address exclusionTether proxy (rank 14, 1.84%)95% confidence

  • ·Contract tab: TransparentUpgradeableProxy.
  • ·Tether infrastructure.
  • ·Excluded.

Score impact: Removed from top-10 calc.

Verified Jun 1, 2026· Etherscan Contract tab
OCB — 05·Anomaly history

Resolved anomalies

Jun 13, 2026

→ Jun 14, 2026

score drophighresolved

Total trust score dropped 25pts (62 → 37, band: unverifiable)

Jun 11, 2026

→ Jun 11, 2026

score drophighresolved

Total trust score dropped 25pts (62 → 37, band: unverifiable)

Jun 9, 2026

→ Jun 9, 2026

supply drifthighresolved

Outstanding supply increased 72.8% step-to-step ($1.77B → $3.06B). Verify against onchain totalSupply and price source. Run: npm run trace xaut_eth

Jun 6, 2026

→ Jun 8, 2026

score drophighresolved

Total trust score dropped 15pts (48 → 33, band: limited)

Methodology

XAUT is scored across the same four dimensions as every other rated instrument — Disclosure Quality, Redemption Liquidity, Structural Trust, and Holder Concentration. Each dimension contributes up to 25 points. The dimension breakdown above shows where the score comes from; the diligence trail shows every verified fact behind it.

Read the full methodology →
OnChain Benchmark
HomeIndexInstrumentsMethodologySubmit for inclusion
Independent · Not investment advice
IndexesInstrumentsDataResearchAPI Keys