Tether Shuts Down Alloy Platform and Gold-Backed aUSDT Stablecoin

Jun 18, 2026

Tether is shutting down its 'Alloy by Tether' platform and discontinuing its gold-backed aUSDT stablecoin, citing low user demand. The experimental token had a market cap of just $1.27M. Users have until September 17, 2026, to redeem their collateral. The move reflects a strategy to focus on core products like the successful $3B Tether Gold (XAUT) while expanding into AI, Bitcoin mining, and other tokenized assets.

Alloy platform shutdown

▪The decision to shut down the platform followed a review of low user activity and market demand.
▪Launched in June 2024, aUSDT was a dollar-pegged stablecoin over-collateralized by Tether Gold (XAUT).
▪At the time of shutdown, aUSDT had a market capitalization of approximately $1.27 million, backed by 14.73 kg of gold valued at $2.2 million.
▪Tether is shutting down its 'Alloy by Tether' platform and discontinuing its gold-backed stablecoin, aUSDT.

aUSDT token redemption process

▪Existing aUSDT holders have until September 17, 2026, to redeem their tokens and retrieve their Tether Gold (XAUT) collateral.
▪The minting of new aUSDT tokens and the opening of new positions on the Alloy platform were stopped immediately.

Tether Gold growth

▪Tether Gold (XAUT) is backed by more than 22,000 kilograms of physical gold.
▪Despite the shutdown, Tether's other gold-backed asset, Tether Gold (XAUT), has a market capitalization of around $3 billion.
▪In February, Tether invested $150 million to acquire a 12% stake in the precious metals platform Gold.com.

Tether product consolidation strategy

▪Tether is refocusing its resources on products with stronger demand and liquidity, such as its flagship USDT stablecoin and Tether Gold (XAUT).
▪Tether plans to launch a new stablecoin, GELT, representing the Georgian lari, in cooperation with the government of Georgia.
▪Tether previously discontinued its euro-pegged stablecoin (EURT) in November 2025 and its Chinese yuan stablecoin (CNHT) in February 2026.

Tokenized commodities expansion

▪Tether and the Dubai Multi Commodities Center (DMCC) have a memorandum of understanding to tokenize other commodities.
▪Tether has expanded its investments into areas outside of stablecoins, including Bitcoin mining, artificial intelligence, and robotics.