Tether – the world's largest stablecoin issuer – is seeking to raise at least $200 million with its partner Antalpha Platform Holding (Singapore) to set up a digital asset treasury company (DAT), according to Bloomberg.
If successful, the capital will be used to buy a large amount of XAUT, Tether's gold token. Antalpha is a strategic partner of Bitmain, the world's largest Bitcoin mining machine manufacturer, accounting for more than 80% of the global market share.
As of the second quarter, the company said it had nearly 250,000 Tether Gold (XAUT) tokens in circulation, backed by 7.66 tons of physical gold. Several DAT companies have recently been established to accumulate tokens and promote the development of the related crypto ecosystem.
Tether currently owns 8.1% of Antalpha after the company's IPO in May. Last month, Antalpha also partnered with Tether to launch XAUT-backed lending and provide a comprehensive digital asset infrastructure solution.
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