According to Arkham data, the Rhino.fi crypto wallet holds a significant amount of on-chain gold in Tether Gold.
What is Tether Gold?
Tether Gold (XAUT) is a cryptocurrency that is pegged to the ounce price of gold, similar to how Tether is pegged to the dollar. It is controlled by Tether, and each XAUT token is backed by physical gold in Tether's centers.
Details of the Rhino.fi Wallet
The wallet, reported to belong to the DeFi platform Rhino.fi, holds over $250 million in XAUT, which is equivalent to 3 tons of physical gold. It is stated that all XAUT tokens are collateralized one-to-one with gold at Tether's centers.
Rising Gold Value
Global gold prices have surged in recent months, increasing the value of the assets in the wallet by $90 million since moving the on-chain gold there.
The Rhino.fi crypto wallet plays a prominent role in the market, holding large amounts of gold in digital form, reflecting global trends in precious metals' price growth.