Tether Gold
Token backed 1:1 by physical gold held in Swiss vaults.
Deployments
0x68749665FF8D2d112Fa859AA293F07A622782F38
0x21cAef8A43163Eea865baeE23b9C2E327696A3bf
XAUT across four dimensions
Signal readings
- Disclosure tier
- aggregate naming instrument
- Attestation age
- 23 d
- Attestations / 180d
- 4
- Outstanding supply
- $61.49M
- Liquidity / supply
- 0.000%
- Top-10 holder pct
- 30.7%
- Custody verification
- partial surface
Custody & backing fields are descriptive — published, not scored
XAUT supply over time
XAUT · Tether
Outstanding supply (USD)
XAUT outstanding supply is $2.86B as of Aug 26, 2026. +6.4% over the prior 30 days.
XAUT trust rating since coverage began
XAUT · Verified Capital Trust Rating
Composite rating (0–100)
XAUT rating is 72 as of Aug 26, 2026. -3 points over the prior 30 days.
What closes the gap — and who closes it
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, which is not yet part of the daily measurement set.
What would close it
Daily gold spot price reference becomes part of our measurement set — already collected, integration shipping next.
- ·No getPrice() or equivalent found on Read as Proxy tab (2026-06-01).
- ·Valuation method: totalSupply() * offchain gold spot price (LBMA).
- ·The yield dimension will use the pegWithoutRate fallback until the LBMA reference price (lbma_gold_spot) is part of the daily measurement set.
The commodity_gold methodology uses the Treasury Yield rubric as a placeholder pending an LBMA delta comparison — expected, not a gap.
Score impact: yield score: pegWithoutRate = 5/25 until LBMA benchmark collector is wired.
Tether publishes dedicated quarterly XAUT reserve attestations (BDO Italia, ISAE-3000R, gold.tether.to/reports). These reports are not yet part of the daily measurement set, so this dimension is unscored on attestation freshness — reflecting incomplete measurement coverage, not issuer non-disclosure.
What would close it
Issuer publishes a dedicated XAUT reserve attestation.
- ·No on-chain price oracle on the Read as Proxy tab (2026-06-01).
- ·Reserve attestation: Tether DOES publish dedicated quarterly XAUT gold-reserve attestations (BDO Italia, ISAE-3000R limited assurance, 1:1 physical gold) at gold.tether.to/reports.
- ·These reports are not yet part of the daily measurement set, so attestationFreshness scores 0/25 — reflecting incomplete measurement coverage, not a gap in Tether's disclosure.
- ·Corrected 2026-07-09 (the prior text incorrectly stated Tether does not attest XAUT).
Correction, 2026-07-09: an earlier version of this finding incorrectly stated Tether does not publish XAUT attestations. Tether publishes quarterly BDO Italia ISAE-3000R reports; the score gap reflects OCB's measurement coverage, not issuer behavior.
Score impact: attestationFreshness = 0/25 (no live attestation source). Full transparency score penalized.
- ·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.
Owners: 0xAC3B242E2E561da9F4cE34746E67d004E6341FA0, 0xEe5207d3c88562fc814496Af0845B34CFD4afc8c, 0x61D5a4d5Bd270e59E9320243e574288e2a199fED, 0x25bB61643e4881147E6aabb65e6DD45CF2904155, 0x4096a34E582664F969753b34dA6E72D55b3C85C1, 0x4D915Dd2c56814BD3Db51a1dA35b302BCC9c8973
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.
0x93008d9593d8CD06E
- ·No Etherscan label, no Contract tab check performed.
- ·Holds 1.37% of supply.
- ·Conservative choice: kept in concentration calculation.
Address truncated in screenshot — full address needed before any exclusion decision.
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.
- ·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.
- ·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.
- ·Etherscan label "Exchange".
- ·Tether own treasury wallet.
- ·Excluded from concentration.
Score impact: Largest single holder removed from top-10 calc.
- ·Etherscan label "Exchange".
- ·Bitfinex exchange custody account.
- ·Excluded.
Score impact: Removed from top-10 calc.
Etherscan label "Exchange". Bitfinex hot wallet. Excluded.
Score impact: Removed from top-10 calc.
- ·Etherscan label "Exchange".
- ·Binance custody account.
- ·Excluded.
Score impact: Removed from top-10 calc.
Etherscan label "Exchange". OKX custody account. Excluded.
Score impact: Removed from top-10 calc.
Etherscan label "Exchange". Bybit custody account. Excluded.
Score impact: Removed from top-10 calc.
Etherscan label "Exchange". Bitget custody account. Excluded.
Score impact: Removed from top-10 calc.
- ·Etherscan label "Exchange".
- ·Gate.io deposit account.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: TransparentUpgradeableProxy (AdminUpgradeabilityProxy).
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: TransparentUpgradeableProxy.
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: TransparentUpgradeableProxy.
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: TransparentUpgradeableProxy.
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: TransparentUpgradeableProxy.
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: TransparentUpgradeableProxy.
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·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.
- ·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.
- ·Contract tab: TransparentUpgradeableProxy.
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Etherscan label "Aave V3: aEthXAUt Token".
- ·DeFi protocol holding XAUT as collateral.
- ·Excluded.
Score impact: Removed from top-10 calc.
- ·Contract tab: TransparentUpgradeableProxy.
- ·Tether infrastructure.
- ·Excluded.
Score impact: Removed from top-10 calc.
XAUT is scored across the same four dimensions as every other rated instrument in its class — 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 →