First published 30 April 2020, a few months after the token existed. Expanded in October 2026 so redemption is not confused with a transfer. Tether Gold is a token that is supposed to track one fine troy ounce of physical gold. XAUt is the ticker. TG Commodities, in the same corporate family as Tether, says it buys London Good Delivery bars and keeps them in Switzerland, allocated to the addresses that hold the tokens. The token is not the bar. The bar is in a vault. You get the bar, or the cash from a sale of the bar, only by redeeming through that company.
What is Tether (USDT)? is the dollar token from the same family. XAUt is not USDT, and a gold price is not a dollar peg. PAX Gold is a different company’s gold token. The tickers do not settle each other’s bars.
What the issuer says you own
The January 2020 launch said each token represents one fine troy ounce on a specific bar, and that a lookup page would show which bar an address is allocated. When tokens move, the company reallocates ounces across bars so addresses are not left pointing at scraps. That reallocation is their ledger, sitting beside the blockchain. The chain records the token. The company records which metal it says stands behind the token.
Buying or redeeming directly with TG Commodities requires identity checks and their terms. The launch papers described a purchase minimum on the order of 50 tokens, and a redemption minimum of a whole bar. Bars are not a round number. The issuer tells people to hold about 430 XAUt if they want to be sure a bar fits, because a London bar can run up toward that many ounces and is often a bit under. You redeem the ounces in the bar you are allocated, not a slogan of “430”. Delivery, if you take the metal, is in Switzerland, with a fee. Or you can ask the company to try to sell the bar and wire the proceeds, with a fee. Both are company operations. A wallet transfer is not either of them.
Insurance, custody, and what happens if the company or the vault fails are in the offering terms. A token price near the gold price is traders agreeing. It is not the vault opening.
The token still has a network
XAUt launched as an ERC-20 on Ethereum and as a TRC-20 on TRON. The issuer’s later pages also list it on BNB Chain. Those are different entries. An Ethereum address will not receive the TRON token. What is TRON (TRX)? is that other notebook. The wrong network is still the wrong city. The gold lookup, if you use it, follows the address on the network the issuer is tracking. A bridged copy on a chain they do not list is someone else’s promise.
Nothing here is an instruction to buy, redeem, or hold XAUt. One ounce on a token is a claim. The bar is a bar.
