Tether's gold stablecoin XAUt market cap exceeds $820 million, but on-chain adoption remains limited

According to Pink Brains analysis, as geopolitical turmoil, high inflation, negative real yields, and declining trust in fiat currencies persist, gold is once again viewed as a safe haven. Tether XAUt's market capitalization exceeds $820 million, backed by over 246,000 ounces of gold. Currently, the active liquidity of the XAUt pool on Uniswap V3 is approximately $2.2 million; the Curve XAUt/PAXG liquidity is around $1.1 million; XAUt can be smoothly traded for $100,000 on 1inch/CowSwap, with a price impact of only about 1% even when reaching a trading volume of $1 million. However, these are not yet sufficient to drive XAUt's on-chain adoption, with currently more than 8,000 addresses holding XAUt, where the two largest addresses are Tether and Binance, holding about 60% of the supply; only about 2,500-3,000 XAUt are deployed in liquidity pools. Currently, Fluid and Aave are integrating XAUt and will soon enable lending and borrowing transactions.