Tether, the company behind the USDT stablecoin (USDT), is working with crypto miner financing firm Antalpha to raise at least $200 million for a new digital asset treasury for tokenized gold, Bloomberg reported Friday, citing sources familiar with the matter.

The planned vehicle would stockpile Tether Gold (XAUT), a blockchain-based token backed by physical gold bars under custody in a Swiss vault. XAUT is the largest tokenized gold offering on the market with nearly $1.5 billion market capitalization.

Antalpha is known as a key lender of Chinese crypto mining equipment manufacturer Bitmain, and offers supply chain and margin loans.

The report follows an expanded partnership between Tether and Antalpha, announced on Monday, to launch a dedicated hub for XAUT-backed lending, custody and

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