Prestige Wealth Raises $150M to Become Tether Gold Treasury Vehicle

Prestige Wealth (PWM) said it has closed a $150 cardinal financing circular to motorboat a integer plus treasuryfocused connected Tether Gold (XAUT), the gold-backed tokens of stablecoin elephantine Tether.

The backing includes a $100 cardinal backstage placement led by Antalpha (ANTA), a salient bitcoin mining financing steadfast that and $50 cardinal successful elder debt, according to an announcement connected Friday.

Backers besides see Tether and Kiara Capital.

Most of that superior volition beryllium utilized to get tokenized golden reserves, aiming to physique a publically verifiable, blockchain-native treasury. The institution volition rebrand to Aurelion pending approvals, and volition commencement trading nether the AURE ticker connected Monday.

The banal spiked 35% pre-market pursuing the quality earlier giving backmost astir of the gains during the aboriginal minutes of the session. The announcement followed Bloomberg's study past week connected Antalpha and Tether looking to back a tokenized golden treasury company.

Tether Gold is simply a stablecoin tied to carnal gold, redeemable and traceable on-chain. Aurelion said it volition clasp these reserves successful a transparent and auditable structure, offering an alternate to accepted reserves similar currency oregon fiat stablecoins.

New Aurelion CEO Björn Schmidtke, who co-founded Paraguayan bitcoin miner Penguin Group, said the determination reflects a displacement toward integer assets backed by real-world value.

"In a satellite wherever wealth is moving digitally and marketplace volatility remains real, having a instauration of existent worth successful tokenized golden gives radical and institutions certainty," helium said successful the statement.

"Some radical picture BTC arsenic integer gold. I spot Tether Gold, a redeemable stablecoin backed by gold, arsenic the existent integer gold."

The steadfast said it volition aims to make a humble output by lending unencumbered golden holdings done Antalpha, portion keeping a information locked arsenic collateral.

The company’s committee and enactment person been reshaped pursuing the transaction, with Antalpha gaining 2 committee seats and forming a strategical advisory committee including Gemini’s Rohan Chauhan.