Tether, the issuer of USDT, and Antalpha Platform Holding plan to raise up to $200 million to launch a new venture that will manage an XAUT-based treasury. Bloomberg reports this with reference to its sources.

According to the publication, the new company is expected to be public. The sources also said that Cohen & Co. is acting as a consultant in the project.

At the time of writing, it is not known at what stage the negotiations are at. The parties refrained from commenting after Bloomberg’s request.

However, it is known that at the end of September 2025, Tether and Antalpha expanded their cooperation. In particular, this includes the possibility of buying and storing XAUT on the Antalpha RWA Hub.

In May 2025, Antalpha held an initial public offering (IPO). As part of it, Tether acquired 1.9 million shares in the company, which corresponds to a stake of 8.1%.

XAUT is a stablecoin pegged to gold. Each token is backed by one troy ounce of the precious metal. At the end of April 2025, Tether announced that it was holding more than 7 tons of real gold as an asset reserve.