Upbit Lists Tether Gold (XAUT) with BTC, USDT and KRW Pairs
Upbit, South Korea’s largest crypto exchange, listed Tether Gold (XAUT) on 1 January 2025 and opened trading at 06:30 UTC across XAUT/BTC, XAUT/USDT and XAUT/KRW. Deposits and withdrawals were enabled several hours earlier. Upbit will initially use the Ethereum (ERC‑20) version of XAUT and operate spot trading under its existing security measures (cold storage, multi‑sig, address whitelisting and monitoring). Tether Gold is an asset‑backed token where each XAUT represents one troy ounce of physical gold held in Swiss vaults, with independent attestations of reserves and potential direct redemption for qualified holders. The listing follows clearer South Korean rules for asset‑backed tokens and Upbit’s compliance with the Virtual Asset User Protection Act, including AML/KYC and reserve/custody requirements. Market implications for traders include 24/7 access to gold exposure, fractional ownership, and potential inflows from conservative or fiat‑based traders. Initial trading is spot only; market makers have expressed interest—particularly for XAUT/KRW—so liquidity and price discovery will be key to near‑term performance. The long‑term success depends on sustained liquidity, market reception and ongoing regulatory compliance.
Bullish
The listing is likely bullish for XAUT price in both the short and medium term. Short term: listing on a major venue (Upbit) with KRW, BTC and USDT pairs increases accessibility and may trigger initial inflows from Korean retail and institutional traders, especially given market makers’ interest in XAUT/KRW. Enabled deposits/withdrawals before trading and use of ERC‑20 supply a familiar on‑chain pathway, supporting instant liquidity and arbitrage. Medium term: 24/7 trading, fractional ownership and link to physical gold can attract conservative or fiat‑native capital seeking gold exposure without bullion custody, supporting ongoing demand. Price upside depends on realized liquidity and trading volume—if market makers and order books are shallow, early volatility could be high despite net inflows. Regulatory compliance reduces some tail‑risk, which is positive for investor confidence. Downside risks include low sustained liquidity, large redemptions by qualified holders, or adverse regulatory changes; these could mute or reverse gains. Overall, the net effect on XAUT is expected to be positive as listing broadens market access and price discovery.