Tether is bringing tokenized gold token XAUT to crypto lender Ledn so holders can borrow against their bullion instead of selling it.
Gold-backed lending has traditionally been the territory of central banks, major financial institutions and bullion dealers.
The mechanics mirror the bitcoin-backed loans Ledn has run for several years.
The pitch for XAUT-backed borrowing is that it sits between holding physical metal and trading paper claims on it.
This is the latest example of Tether using profits from USDT, the world largest stablecoin, to expand well beyond its core business.
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