Tether Backs $2.7B BTC Transfer and Launches Gold Token Across Chains

Tether is advancing its position in the real asset economy with two major strategic moves this week. The company transferred 25,812 BTC—valued at nearly $2.7 billion—to support Twenty One Capital, a new Bitcoin treasury firm founded by Strike CEO Jack Mallers. Simultaneously, Tether announced the launch of XAUt0, an omnichain version of its gold-backed stablecoin, in partnership with the TON Foundation. 

Tether and Bitfinex Transfer $2.7 Billion in Bitcoin to Twenty One Capital as Bold Treasury Strategy Unfolds

In a headline-making transaction that’s setting the tone for the next era of corporate Bitcoin adoption, crypto powerhouses Tether and Bitfinex have transferred 25,812 BTC — worth nearly $2.7 billion — to a wallet publicly linked to Twenty One Capital, the new Bitcoin treasury venture spearheaded by Strike founder Jack Mallers.

The transfer, now fully visible on blockchain explorers, represents a high-stakes pre-funding move as Twenty One Capital prepares for its official launch and equity raise. Paolo Ardoino, CEO of Tether and CTO of Bitfinex, confirmed the transfer on X, describing it as part of the company’s pre-launch capital deployment strategy.

With Bitcoin trading near $105,000 at the time of the transfer, the sheer size of the transaction cements Twenty One Capital’s entrance into the scene as not just ambitious, but institutionally backed at the highest level.

At its core, Twenty One Capital is Mallers’ latest attempt to fuse Bitcoin’s decentralized ethos with the structured machinery of traditional capital markets. Drawing inspiration from Michael Saylor’s corporate playbook at MicroStrategy, Mallers envisions a company that holds up to 42,000 BTC, which would place it among the largest corporate Bitcoin holders globally.

Already, the firm has raised a staggering $685 million in equity and convertible notes from a consortium of backers that includes Tether, Bitfinex, and financial heavyweight SoftBank. And that’s just the beginning. The company plans to issue another $100 million in convertible notes, with proceeds earmarked specifically for Bitcoin acquisitions.

Mallers emphasized that all purchased Bitcoin will be publicly tracked through wallet addresses, pushing for a new standard of transparency in corporate Bitcoin holdings. The goal is not only to accumulate BTC, but to do so in a way that is fully visible, verifiable, and immune to the obfuscation that has haunted the industry post-FTX.

SPAC Merger to Take Twenty One Capital Public

In a bold parallel move, Twenty One Capital is also preparing to go public via a merger with Cantor Equity Partners (CEP), a special purpose acquisition company. The merged entity is set to debut on the Nasdaq under the ticker symbol “XXI.”

According to the official announcement, the valuation of the merger, $3.6 billion, is anchored to the average Bitcoin price of $84,863.57 at the time of the funding round. CEP’s shares rallied on the news, climbing 7% to $43 on Monday before spiking as high as $59.75, reflecting intense investor optimism around Bitcoin treasury models.

This surge suggests a growing belief in Bitcoin's role as a strategic corporate asset, and faith in Mallers' execution capabilities.

Whereas other crypto firms have been burned by accusations of opaque asset management, Mallers is betting big on visibility.

As part of the announcement, Twenty One Capital has published a public Bitcoin wallet containing 4,812 BTC, a move designed to build early trust and reinforce the legitimacy of its reserve claims. Mallers confirmed that additional wallets will soon be revealed, including those holding Bitcoin for Tether, Bitfinex, and one on behalf of SoftBank.

A Bet on Bitcoin—and Accountability

While many institutional players cautiously test the waters, Twenty One Capital is diving in headfirst. Its strategy is not only bold in size, but also in structure. The firm intends to use a mix of equity financing and convertible debt to grow its BTC position, similar to Saylor’s MicroStrategy, but with one key difference: total on-chain transparency.

The initiative also suggests a growing institutional appetite to back Bitcoin-native strategies with real-world capital. With the support of Bitfinex, Tether, SoftBank, and Cantor Fitzgerald-linked entities, Twenty One Capital is positioning itself not just as a treasury vehicle, but as a flagship for the Bitcoin-centric future of corporate finance.

Tether Launches Omnichain Gold Token ”XAUt0” on TON to Expand Stablecoin Innovation

In related news, Tether has unveiled a groundbreaking omnichain version of its gold-backed stablecoin, XAUt, through a new partnership with the TON Foundation. The token, dubbed “XAUt0,” has been launched on The Open Network (TON) and is designed to function across multiple blockchains using the Omnichain Fungible Token (OFT) standard from interoperability protocol LayerZero.

This strategic expansion positions Tether’s gold-backed token to compete not only in the decentralized finance (DeFi) space but also against traditional gold investment vehicles such as ETFs. It also mirrors the company’s recent approach with its omnichain dollar stablecoin, USDT0, which is already live across Optimism’s Superchain.

Tether Brings Gold to the Multichain Era

With over $829 million in market capitalization, XAUt is currently the largest gold-backed stablecoin in the world, slightly ahead of Paxos’s Pax Gold (PAXG), which holds a market cap of $809 million, according to CoinGecko. However, XAUt has thus far only existed on Ethereum, limiting its accessibility across rapidly growing blockchain ecosystems.

Top gold-backed stablecoins by market cap (Source: GoinGecko)

The launch of XAUt0 marks a new phase. By adopting the LayerZero OFT standard, Tether can now deploy its gold token to multiple chains without relying on bridging mechanisms or wrapping processes, which often raise security and transparency concerns. This allows holders of XAUt0 to transfer the token seamlessly across supported networks, beginning with TON, and likely expanding to others in the near future.

Tether’s April 2024 deployment of USDt on TON set the stage for this deeper integration. Now, with XAUt0, the company is anchoring even harder assets into this expanding Layer-1 blockchain, which is natively integrated with Telegram and has seen rapid growth in user adoption.

According to Tether’s Q1 2025 attestation report, the original XAUt token is backed by 7.7 tons of physical gold, all securely stored in a Swiss vault. Each token is backed by one troy ounce of gold, reflecting Tether’s commitment to full backing and transparency—an increasingly important differentiator in today’s volatile market environment.

With XAUt0, Tether is expected to maintain the same underlying physical reserves while enabling broader accessibility and use across blockchain networks. While Ethereum has been the mainstay for stablecoins and tokenized assets, this new omnichain model may allow XAUt0 to be used in applications across emerging ecosystems, from gaming and NFT marketplaces on TON to DeFi protocols on Optimism and beyond.

Parallels with USDT0 and Alloy

Tether has already deployed its omnichain stablecoin USDT0, a bridged and interoperable version of USDt, across at least eight chains within Optimism’s Superchain ecosystem. The company is now applying the same crosschain logic to gold with XAUt0, representing a broader strategic vision: bring real-world assets to every corner of the multichain internet.

The launch also follows the announcement of Alloy, Tether’s new synthetic stablecoin that’s backed by gold and pegged to the US dollar. Alloy represents a hybridization of two core value systems—fiat stability and hard-asset backing—while XAUt0 doubles down on physical backing with modern interoperability.

XAUt0 is launching at a time when gold is experiencing a dramatic resurgence. Global macroeconomic instability, trade wars, and inflationary concerns have sent investors running to the oldest safe-haven asset in history.

Competing with ETFs in the Digital Age

Unlike gold ETFs, which require brokerage accounts and operate within market hours, XAUt0 can be traded 24/7 on any participating blockchain, and potentially integrated into smart contracts and DeFi applications. It also offers fractional ownership, borderless access, and seamless conversion via DEXs or CEXs supporting omnichain assets.

Still, the challenge remains in convincing traditional investors that gold in tokenized form is secure, compliant, and trustworthy. Tether’s approach—backing the token with real, auditable reserves in Switzerland and publishing regular attestations—aims to bridge that gap.