According to a recent CoinDesk report, in the third quarter of 2025 , Tether 's tokenized gold product XAUT's reserves exceeded 11.6 tons, with a market capitalization exceeding $ 2.1 billion. Besides its flagship product USDT , the company has launched several other products— USDT , XAUT , CNHT , and GBPT —covering new stablecoins pegged to offshore RMB and GBP, while also releasing a specifically compliant USD stablecoin for the US market. Tether is quietly undergoing a strategic transformation of its product line: from a single USD-pegged structure to a multi-asset, multi-market, and multi-layered compliant global network.
From "One U Dominance" to One Superpower and Multiple Strong Powers
According to CoinDesk, XAUT is issued by Tether subsidiary TG Commodities , which holds physical gold reserves in Switzerland. Each XAUT token corresponds to one ounce of gold bar, and users can directly hold, transfer, or redeem physical gold via the blockchain. In an interview, Tether CEO Paolo Ardoino stated that the number of retail users from Latin America, South Asia, and Asia is growing rapidly, and they are beginning to understand tokenized gold.
Currently, USDT remains the world's largest stablecoin, but Tether 's product line has long since expanded to multiple fiat currencies and asset classes.
In the interview, Paolo Ardoino emphasized, " USDT is already circulating in hundreds of millions of wallets in emerging markets and developing countries. This technology will exist for a long time, and it will be able to do far more than it does today. "
Tether previously experimented with offshore RMB stablecoins, launching CNHT in 2019 , pegged 1:1 to the offshore RMB exchange rate. The token was initially listed on the Ethereum network and later on the Tron network in 2022, enabling users to conveniently hold and transfer offshore RMB digital assets across multiple public blockchains.
The core purpose of CNHT is to provide RMB liquidity in international transactions and settlements, particularly suitable for hedging RMB exchange rate fluctuations and cross-border payments. Unlike the digital RMB issued within China, CNHT targets the global market, helping to meet the demand for digital RMB in overseas markets and trade.
GBPT is a stablecoin pegged to the British pound, launched by Tether in late 2023. The token is pegged 1:1 to the pound, providing users with a way to use the pound on the blockchain.
By putting British pound assets on-chain, GBPT gives traditional pound payments the speed and low cost of crypto assets, enabling applications such as cross-chain transfers and decentralized finance. Tether CTO Paolo Ardoino stated that he is optimistic about the UK's role in blockchain innovation and is willing to cooperate with regulators to promote the application of GBPT. The launch of GBPT not only enriches the asset coverage of Tether's stablecoins but also provides users with an on-chain financial gateway denominated in British pounds.
At the same time, Tether also launched a key innovative product – USDT0, marking its new layout in compliance and cross-chain technology.
According to Tether's public documents, USDT0 is a fully deployed version of the native USDT . The parent asset, USDT, resides on Ethereum, and by crossing chains via Layer 0 , it becomes USDT0 . USDT0 is a stablecoin targeting the US domestic market and strictly adhering to local digital asset regulatory frameworks. It plans to collaborate with financial institutions and payment companies for promotion. This product also represents an iterative technological advancement, aiming to solve the fragmentation problem of USDT across different chains, enabling stablecoins to be seamlessly interchangeable between chains such as Ethereum, Tron , and Solana , achieving full-chain liquidity. This technological approach is considered a key strategic move by Tether in the future competition for blockchain interoperability.
From anchoring to the dollar to anchoring to trust
Tether's diversification strategy is a microcosm of the industry. The stablecoin industry is moving from "single-coin hegemony" to a "multi-asset ecosystem." Chosun's analysis points out that Tether's expansion strategy reveals three major market trends: First, stablecoins are no longer limited to being pegged to the US dollar, but are extending to diversified reserve assets such as gold, the euro, and the renminbi ; second, stablecoin issuers are beginning to strengthen regional compliance and localization cooperation to cope with different regulatory systems; and third, tokenized physical assets (such as gold) are becoming a new competitive dimension for stablecoins.
In Tether 's strategy, XAUT and USDT0 form the two pillars of "asset security" and "regulatory security": the former enhances collateral stability with gold, while the latter strengthens market trust through compliance.
Tether's strategic expansion is redefining the meaning of "stablecoins," moving beyond simply being an extension of the digital dollar to becoming a multi-dimensional ecosystem encompassing gold, fiat currency, and cross-chain technology. Tokenized gold XAUT symbolizes this evolution: amidst global economic volatility, inflation, and increased uncertainty in monetary policy, it injects new "physical support" into the digital asset market.
With the deployment of USDT0 , Tether is attempting to strike a balance between regulation and technology—both consolidating its position as the world's leading stablecoin and preparing to maintain its leading position in the new era of compliance and interoperability. The next stage of the stablecoin competition will no longer be about which currency it is pegged to, but about who can build a stable foundation for the global digital economy based on trust, transparency, and interconnectivity.
