Anchorage Adds Institutional Rails for Tether Gold in Bid to Challenge ETFs

Anchorage Digital’s support for Tether Gold gives eligible institutional clients ways to sell or borrow against XAUT, as CEO Paolo Ardoino positions the token as a challenger to gold ETFs. The key competitive question is whether those routes can deliver cash at the size and price a holder requires.

In a Nov. 12 announcement, Tether’s CEO said he believes XAUT is on track to become “the first true competitor to the gold ETF market.” A day earlier, Anchorage announced custody, principal-desk trading and collateral support for the gold-backed token. Like gold-trust shareholders, token holders still depend on counterparties to convert that exposure into funds.

Tether said KPMG U.S. audited the financial statements of issuer TG Commodities S.A. de C.V. for the year ended Dec. 31, 2025, issuing an unqualified opinion. The disclosed audit covers that entity and year, not all current Tether reserves or current trading and financing terms.

For eligible clients, proceeds from a desk sale come from the trading counterparty. Anchorage advertises USD or USDT borrowing against bank-custodied XAUT through arrangements with other clients. Borrowing preserves gold exposure but creates debt; the announcement does not establish bank-funded lending. It also does not specify a universal sale settlement currency or a fiat-withdrawal timetable.

Anchorage says it holds XAUT at Anchorage Digital Bank in the U.S. or Anchorage Digital Singapore. The group’s footer identifies Anchorage Hold LLC as digital-asset trading provider, Anchorage Digital NY LLC for New York agency trading and A1 Ltd. as a principal-trading business. It does not identify a single universal trade-contract entity.

Access is institutional, with limited high-net-worth availability and additional requirements for certain trading. Custodied tokens are not backed by Anchorage guarantees or FDIC or SIPC protection. Custody therefore provides neither an insured gold deposit nor assured liquidity.

Anchorage’s notice says U.S. persons cannot purchase or redeem XAUT with TG Commodities. The issuer’s terms include a qualification: U.S. counterparties that qualify as eligible contract participants, a regulatory category, may be accepted at Tether Gold’s sole discretion. Direct purchases and redemptions also require verified issuer-customer status.

Platform eligibility, issuer eligibility and issuer acceptance are separate gates. Neither institutional access at Anchorage nor eligible-contract-participant status alone establishes the issuer’s acceptance. Anchorage’s notice addresses issuer transactions, not a blanket ban on permitted secondary trading or custody.

Even an eligible, verified issuer customer does not have an unconditional cash buyback. The terms describe whole-bar redemption for delivery in Switzerland. Instead of taking delivery, a customer can ask Tether Gold to attempt a sale to a gold dealer or broker. Only a successful sale produces fiat proceeds, less fees; Tether Gold has no obligation to repurchase the tokens or bullion. That route also requires a buyer.

IAU Holders Also Use Intermediaries

The iShares Gold Trust product page describes IAU shares trading on NYSE Arca through brokerage accounts. In an ordinary share sale, a market buyer supplies the money through the brokerage transaction. The trust is not paying the retail holder cash to redeem a share.

Its currently linked prospectus, dated Dec. 22, 2022, reserves creation and redemption of baskets for authorized participants, with gold exchanged for shares. Retail sale access and direct redemption access are different rights in this structure as well.

Borrowing without selling is also available within conventional brokerage arrangements, subject to approval. Fidelity’s margin FAQ lists ETFs held for at least 30 days as eligible collateral, with special security and account requirements, and says checkwriting, bank cards and bill payments can create or increase margin debt. That general policy establishes neither IAU-specific approval nor a particular borrowing limit.

CryptoSlate’s July analysis of XAUT lending already examined the comparison with brokerage margin and restricted gold-trust redemption. Anchorage’s offering extends the institutional service set; collateral utility alone does not make tokenized gold unique.

The measurable comparison remains uneven. iShares reported 9,023,902 IAU shares traded on Nov. 13 and a 0.01% 30-day median bid/ask spread as of that date. Anchorage calls XAUT its most active tokenized-gold product, but its announcement supplies no comparable depth series, quoted spreads or executed lending totals.

Ardoino’s ETF challenge ultimately turns on usable access: a client who qualifies, a counterparty willing to transact and terms that deliver the funds required. Custody and collateral support create routes. Their availability at the needed size and price is the next test.

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