Tether Gold (XAUT) is a token backed by physical gold, issued by Tether. Each XAUT token represents one troy ounce of gold stored in vaults in Switzerland, and the token can be divided into smaller fractions, so people can own gold in amounts smaller than an ounce. XAUT runs on the Ethereum blockchain and can be sent at any time of day, which makes it easier to move and hold than physical bars. Launched in 2020, Tether Gold tracks the price of gold, so its value can rise and fall with the gold market. Holders can verify the gold backing through published reserve information.