According to Paolo Ardoino, demand for Tether Gold (XAUt) is increasing daily from both institutional and retail investors, signaling stronger interest in gold-backed crypto exposure, source: Paolo Ardoino on X, Oct 18, 2025. XAUt is issued by Tether and is designed to represent ownership of allocated gold bars while tracking the price of physical gold on public blockchains, which anchors its valuation to gold markets for trading and risk management, source: Tether official product materials. For trading execution, participants should monitor changes in XAUt circulating supply, exchange order-book depth, and any premium or discount versus spot gold on venues listing XAUt pairs (e.g., XAUt-USD) to gauge liquidity and slippage risk, source: Tether transparency disclosures and Bitfinex market listings. Ardoino also framed BTC and gold as hedges, a narrative that can influence allocation between BTC and gold proxies like XAUt during risk-off periods, source: Paolo Ardoino on X, Oct 18, 2025.