XAUT is gaining popularity among cryptocurrency holders. Large investors continue to increase their reserves, viewing this asset as protection against market instability.
While the spot price of gold remains above $5,179, buyers are actively accumulating tokenized gold. For many, this is a way to hedge against uncertainty in the crypto industry.
The XAUT token, issued by Tether, is increasingly being used as a reserve asset by Ethereum wallet holders. As of March 11, it was held by 35,609 wallets, compared to 33,390 on March 1.
At the beginning of 2026, the supply of XAUT increased due to the issuance of new tokens. The total supply now stands at 712,247, and the market capitalization has approached record levels, exceeding $3.57 billion.
In recent months, XAUT has grown especially quickly. This is largely because the token has become one of the most convenient ways to get on-chain access to physical gold. The rise in global uncertainty has also fueled demand for gold, leading both large investors and retail market participants to actively accumulate it.
Why Whales Are Buying XAUT
XAUT provides access to the spot market of an asset that is currently near all-time highs. Over the past year, gold has shown that it can protect capital from inflation better than BTC, and it has continued to rise amid global uncertainty.
The price of gold has risen by more than 78% over the past year, while BTC lost about 16.78% in the same period. The greater bitcoin’s volatility, the more often traders seek a safe haven asset.
XAUT has also become a profitable product for Tether. In the last quarter of 2025, the token brought in about $2.31 million in net profit.
In addition, XAUT is gradually finding use in DeFi protocols, where it is used as valuable collateral for various operations.
XAUT also has about twice the trading volume of its main competitor, Paxos Gold (PAXG).
Most XAUT trading takes place on the Bitget exchange, although some large investors prefer to use Bitfinex.
Large Wallets Continue Accumulating XAUT
So far, the largest wallets holding XAUT continue to increase their reserves. The second-largest whale now owns 8.02% of the total supply after actively buying tokens last week. This wallet is linked to addresses of Abraxas Capital, which mainly transferred XAUT to its main storage wallet.
The second-largest XAUT holder nearly doubled their reserves since the beginning of March. Source: Arkham Intelligence
The company Abraxas Capital owns about 2.7 thousand XAUT, which is valued at around $265 million. At the same time, the company's gold token withdrawals remain minimal.
Another well-known holder, Antalpha, partially sold its reserves after several weeks of accumulation. However, it appears this was a short-term profit-taking move. The company still retains most of its reserves.
The largest outflow of XAUT is currently associated with RhinoFi, a relatively inactive DeFi protocol.
At the moment, only one company is using XAUT as a treasury asset: the American company Aurelion.
One of the largest holders remains Tether, which simultaneously controls the physical gold storage backing the token.
The shift of investors to gold-backed tokens shows that crypto infrastructure continues to be actively used when an asset has real value and liquidity.
XAUT can be easily traded even without a listing on Binance, so its adoption may continue in the coming months.
The growth in XAUT supply also increases the overall market volume of tokenized assets. So far, the gold-backed token remains the most common asset in the RWA sector and is gradually spreading throughout the crypto ecosystem.
