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Thai crypto traders gained a glittering new investment option Tuesday when Tether Gold (XAUt), a digital token representing physical gold stored in Switzerland, debuted on local exchange Maxbit.
Each XAUt token represents one troy ounce of physical gold stored in Swiss vaults. This allows Thai investors to access gold through blockchain technology without needing to own the actual metal. The token’s global market value currently sits at about $802 million.
“We are pleased to see XAUT listed on Maxbit, marking a significant milestone as the first platform to offer access to our gold-backed digital asset in Thailand,” said Paolo Ardoino, Tether CEO, in the official announcement. “Tether Gold combines the timeless value of physical gold with the efficiency and accessibility of blockchain technology, providing individuals with tools to preserve value and achieve long-term portfolio stability. “
The listing follows Thailand’s recent regulatory developments regarding digital assets. In March 2025, the Thai Securities and Exchange Commission (SEC) approved dollar-backed stablecoins like Tether’s USDt and Circle’s USDC for trading on regulated exchanges.
This regulatory clarity opened the door for more diverse digital assets in Thailand’s growing crypto ecosystem, including gold-backed tokens.
Maxbit, which started operating in October 2023, runs under Thai SEC oversight. The exchange has backing from major Thai companies—energy company PTG Energy owns 35%, while Spearhead Labs holds 29%, and Unit Company has 28.7%.
Tether Gold’s entry into Thailand shows growing interest in digital assets that might resist inflation. According to Tether’s Q1 2025 attestation report, the company holds 246,523 ounces of gold (about 7.7 metric tons) backing the token supply.
Thailand has been developing a comprehensive regulatory framework for digital assets, balancing innovation with investor protection. Recent amendments to the Digital Asset Business Act and Cybercrime Law aim to strengthen oversight of crypto-related activities while supporting market growth.
Though Maxbit is the first Thai exchange offering a gold-backed token, it faces competition. Bitkub remains Thailand’s largest crypto exchange, accounting for about 75% of the market.
This listing shows Tether’s growth beyond its main product, the USDt stablecoin. The company reported a Q1 2025 operating profit of $1 billion and holds nearly $120 billion in U.S. Treasurys backing its stablecoin reserves.
For Thai investors, the gold-backed token offers a new option combining traditional value storage with digital trading flexibility as the country’s crypto market continues to mature under increasingly defined regulations.
