Tether, the world's largest stablecoin issuer, and an existing partner are looking to raise at least $200 million for a digital asset treasury company that would acquire Tether's XAUT token, Bloomberg reported Friday.
The stablecoin giant and Antalpha Platform Holding, a Singapore-based financial services firm, "are leading an effort to raise at least $200 million" for a DAT, Bloomberg said, citing anonymous sources.
"If successful, the vehicle would use the capital to stockpile XAUT, Tether’s gold token," the report said.
Antalpha Platform is a strategic partner of China's Bitmain Technologies, a major Bitcoin mining machine manufacturer. Bitmain supplies over 80% of "the world’s crypto mining machines," Bloomberg said, citing a report from the University of Cambridge Judge Business School.
In July, Tether said there were nearly 250,000 Tether Gold (XAUT) tokens in circulation backed by the equivalent of more than 7.66 tons of gold, as of the second quarter. Several DATs have been formed in recent months to both accumulate tokens and spur ecosystem growth for the underlying cryptocurrency.
Tether acquired an 8.1% stake in Antalpha when the company went public via an initial public offering in May. Then last month, Antalpha said it had partnered with Tether to offer "XAUT-backed lending and full-stack infrastructure solutions."
