24h Change+1.65%
All Time HighJan 29, 2026$5,505
All Time LowMar 19, 2020$1,448
Market Cap$2.639b
Fully Diluted Valuation$3.048b
Circ. Supply612,824 XAUT
CEX Volume$401.23m
DEX Volume$168.71m
Uniswap V3 · Ethereum$10.02m
Curve DEX · Ethereum$3.47m
Fluid DEX · Ethereum$1.87m
PancakeSwap AMM V3 · Ethereum$861,718
Balancer V2 · Ethereum$118,202
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | |
|---|---|---|---|---|
Gross Protocol Revenue | $0 | $2.37M | $1.57M | $1.09M |
Cost of Revenue | $0 | $0 | $0 | $0 |
Gross Profit | $0 | $2.37M | $1.57M | $1.09M |
Earnings | $0 | $2.37M | $1.57M | $1.09M |
How much debt can be issued against XAUT as collateral across lending protocols.
Maximum possible exposure to XAUT
$86.99m
$63.06m (max additional borrows against XAUT) + $23.93m (bad debt if XAUT was hacked now)
Aave V3
$66.55m at-risk exposure = $20.25m bad debt if hacked + $46.29m additional borrowable against XAUT
Fluid
$15.89m at-risk exposure = $352,553 bad debt if hacked + $15.54m additional borrowable against XAUT
Euler V2
$689,803 at-risk exposure = $216,962 bad debt if hacked + $472,841 additional borrowable against XAUT
Compound V3
$487,861 at-risk exposure = $111,445 bad debt if hacked + $376,416 additional borrowable against XAUT
Morpho V1
$3.07m at-risk exposure = $2.7m bad debt if hacked + $374,875 additional borrowable against XAUT
Lista Lending
$302,244 at-risk exposure = $298,249 bad debt if hacked + $3,995 additional borrowable against XAUT
Showing collateral exposure for XAUT on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for XAUT as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
xaut0x68749665ff8d2d112fa859aa293f07a622782f38 | $46.29m | $20.25m | ||
xaut0x68749665ff8d2d112fa859aa293f07a622782f38 | $15.54m | $352,553 | ||
xaut0x68749665ff8d2d112fa859aa293f07a622782f38 | $472,841 | $216,962 | ||
xaut0x68749665ff8d2d112fa859aa293f07a622782f38 | $376,416 | $111,445 | ||
xaut0x68749665ff8d2d112fa859aa293f07a622782f38 | $374,875 | $2.7m | ||
XAUt0x21caef8a43163eea865baee23b9c2e327696a3bf | $3,995 | $298,249 |
Risk-management actions published about XAUT by tracked risk managers and governance contributors, newest first.
A proposal was published to add XAUT as a new basis-trade backing asset for USDe, motivated by gold's near-zero funding correlation with crypto and its structurally higher funding yields.
Proposes adding key commodities like gold as approved collateral for Arkis infrastructure credit lines. The change is justified by high user demand and the assets' historical data showing relatively low volatility and fundamental risk.
XAUT surpasses the proposed $200M OI threshold with $293M aggregate OI and shows significant derivatives volume growth to $900M daily peaks in 2025–2026, supported by gold's structural demand from central banks and low volatility. However, holder concentration is high with top 10 non-exchange holders controlling over 40% of supply, including Tether Treasury at 20.9%, introducing counterparty risk from potential large liquidations that could dislocate spot markets; recommend approval with ongoing monitoring.
Isolated XAUT markets on Monad are being handed over to curator K3 for continued management, as the DAO sunsets direct operations to minimize conflicts of interest and refocus on infrastructure.
Growing demand for tokenized gold collateral aligns with Spark’s offchain lending framework, supported by its institutional borrower focus and favorable risk profile.
XAUT, a gold-backed asset, is being onboarded as standard collateral with a dedicated eMode for stable borrows (USDT0, USDC, GHO), diversifying collateral types and enabling efficient gold-backed liquidity strategies while segmenting risk.
LLTV increased from 75% to 77% against stable debts based on market comparisons and internal modeling to align with industry norms while maintaining conservative risk controls.
As a gold-backed RWA, XAUT benefits from the bill's exclusion of physical commodity tokens from SEC securities jurisdiction, supporting growth in tokenized traditional assets amid rising interest.
XAUt demonstrates sufficient liquidity in Uniswap v3 pools paired with WBTC and USDT, with $14.6M total TVL and slippage under 1%, well below the 10% liquidation penalty threshold. This supports onboarding as collateral for blue-chip non-stable assets, starting with a conservative supply cap to validate market demand.
XAUT serves as the sole backing for XAUâ‚®0, held in a non-custodial upgradeable contract on Ethereum, with reserves transparently viewable on-chain. The assessment notes that XAUâ‚®0's integrity is tied to XAUT's stability and redeemability for physical gold, but XAUT's upgradable design and blacklist functionality pose no direct risks to XAUâ‚®0 operations.
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Showing 10 of 42 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabXAUT-USDT0.05% | $13.13m | 10.45% | 10.45% | 11.02% | |||||
| open in new tabXAUT-USDC0.05% | $2.22m | 5.49% | 5.49% | 23.17% | |||||
| open in new tabWBTC-XAUT0.30% | $1.08m | 11.51% | 11.51% | 15.12% | |||||
| open in new tabETH-XAUT0.30% | $386,466 | 79.90% | 79.90% | 56.28% | |||||
| open in new tabXAUT-USDT0.3% | $340,565 | 6.20% | 6.20% | 6.64% | |||||
| open in new tabXAUT-SLVON1% | $128,447 | 7.28% | 7.28% | 11.08% | |||||
| open in new tabXAUT-USDTCL - 10 | 🪂 | $101,782 | 726% | 0% | 726% | 1722% | |||
| open in new tabXAUT-WETH0.3% | $95,342 | 18.65% | 18.65% | 27.10% | |||||
| open in new tabPAXG-XAUTCL - 1 | 🪂 | $27,204 | 122% | 0% | 122% | 976% | |||
| open in new tabXAUT-WETHCL - 50 | 🪂 | $20,148 | 473% | 0% | 473% | 2677% |
Showing 10 of 33 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabXAUT âžž WBTC | $314.74m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž WBTC | $111.57m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž WETH | $98.22m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž WSTETH | $74.02m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž WETH | $61.37m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž WSTETH | $55.37m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž WSTETH | $41.66m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž SFRAX | $37.44m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž RSETH | $18.2m | 0% | 0% | 0% | 70% | $320,987 | |||
| open in new tabXAUT âžž CBBTC | $15.06m | 0% | 0% | 0% | 70% | $320,987 |
