News related to
Meta

Tether’s tokenised gold product, XAU₮, has reached a major milestone with over 7.7 tonnes of physical gold now backing the asset, pushing its market capitalisation to $770 million as of 28 April 2025. This development marks a significant expansion of Tether’s portfolio beyond its flagship stablecoin USDT and highlights growing investor interest in digital assets secured by tangible commodities.

XAU₮, which represents ownership of one troy ounce of gold held in Swiss vaults, has seen steady accumulation over the past year amid fluctuating economic conditions and shifting investor sentiment towards inflation-resistant assets. According to market data, the token’s supply growth has mirrored increasing demand for alternative stores of value as concerns around fiat currency stability and geopolitical tensions continue to drive diversification strategies.

Tether’s disclosure that XAU₮ is now underpinned by more than 7.7 metric tonnes of physical gold signals strengthened efforts by the company to reinforce confidence in its tokenisation products. Analysts observing this trend note that digital gold products have carved a distinct niche, combining the traditional appeal of precious metals with the technological advantages of blockchain systems, including faster settlement times and greater accessibility for a global investor base.

Paolo Ardoino, CEO of Tether, stated that the surge in XAU₮’s backing reflects broader demand for hybrid assets that bridge the gap between conventional wealth preservation tools and new digital financial infrastructure. He added that Tether remains committed to transparency and robust management practices as it expands its product suite.

Since its launch, XAU₮ has distinguished itself by providing a clear legal structure for ownership claims over specific gold bars, with serial numbers and weight details disclosed through regular attestations. This level of verification has been crucial in appealing to institutional participants who require clear regulatory and custodial assurances before engaging with tokenised assets.

The achievement of a $770 million market cap also places XAU₮ among the most substantial gold-backed cryptocurrencies in circulation, competing with platforms like Paxos Gold and Perth Mint Gold Token . However, Tether’s strong brand presence and expansive network have given XAU₮ a competitive edge in terms of liquidity and market penetration.

Gold itself has continued to perform as a relatively stable asset amid volatile equity markets, stubborn inflation in key economies, and unpredictable monetary policy shifts. As of late April, gold prices hovered around $2,350 per ounce, with analysts forecasting further strength if macroeconomic uncertainty persists. This backdrop has reinforced the appeal of tokenised gold products like XAU₮, especially for investors looking for easily tradable options without the logistical challenges of physical storage.

XAU₮ has also benefited from integration with major exchanges and decentralised finance platforms, allowing users to utilise tokenised gold in broader financial applications such as lending, borrowing, and yield farming. This flexibility contrasts with traditional gold investment avenues, which typically lack interoperability with modern financial tools.

Institutional interest has played a critical role in the token’s growth trajectory. Asset managers, family offices, and corporate treasuries have increasingly explored tokenised commodities as a way to diversify their holdings while maintaining exposure to traditional safe havens. The ability to transfer ownership efficiently and transparently across jurisdictions has further bolstered the attractiveness of XAU₮.

Tether has continually faced scrutiny over its reserve management practices, particularly regarding USDT. However, the company’s detailed disclosures regarding XAU₮’s physical gold reserves appear to have mitigated similar concerns for this product. Regular attestations by third-party auditors have provided additional layers of reassurance to stakeholders wary of opaque reserve practices.

The evolving regulatory environment for stablecoins and tokenised assets may also influence the trajectory of products like XAU₮. Jurisdictions such as the European Union, the United Arab Emirates, and Singapore have introduced or are in the process of finalising frameworks aimed at ensuring greater oversight and consumer protection within the digital asset space. These regulations are expected to encourage higher standards of reporting and reserve management among issuers, benefiting products that already maintain rigorous transparency protocols.

Market participants have observed that gold tokenisation is emerging as a sector with strong fundamentals, particularly as broader adoption of blockchain technology reshapes traditional financial services. XAU₮’s growth demonstrates that tokenisation is not limited to speculative assets but can extend to historically conservative sectors such as commodities.

While challenges remain — including regulatory uncertainty, technological security risks, and the need for robust custodial solutions — the success of Tether’s XAU₮ underscores a maturing digital asset market increasingly focused on quality, transparency, and tangible backing. Observers suggest that continued institutional adoption and technological advancements could position tokenised gold as a staple component of diversified digital portfolios.

American nu-metal band Limp Bizkit is scheduled to perform in Abu Dhabi on 12 August as part of their Loserville Tour, marking their return to the UAE after more than a decade. The concert will take place at the Etihad Arena on Yas Island, a venue known for hosting major international acts.

The Loserville Tour, which began earlier this year, has seen the band perform across various cities in North America and Europe. The Abu Dhabi show is part of the tour’s expansion into the Middle East, indicating the band’s intent to reconnect with their fan base in the region.

Limp Bizkit, formed in 1994, gained prominence in the late 1990s and early 2000s with hits like “Break Stuff,” “Nookie,” and “Rollin’.” Their fusion of rap and metal elements contributed to the popularity of the nu-metal genre during that period. The band’s lineup includes vocalist Fred Durst, guitarist Wes Borland, bassist Sam Rivers, drummer John Otto, and DJ Lethal.

The band’s last performance in the UAE was in 2011, also in Abu Dhabi. Since then, the region has seen a growing number of international music acts, reflecting its increasing significance on the global concert circuit. The upcoming concert is expected to attract fans from across the Middle East, as well as international visitors.

Tickets for the Abu Dhabi show are available through official channels, with options ranging from general admission to VIP packages. Organizers have emphasized the importance of purchasing tickets from authorized sellers to avoid counterfeit tickets.

The Etihad Arena, with a seating capacity of up to 18,000, has previously hosted artists such as The Killers, Post Malone, and Andrea Bocelli. Its state-of-the-art facilities and strategic location on Yas Island make it a preferred venue for large-scale events.

DAMAC Properties has reported a $54.45 million increase in collections, attributing this growth to the strategic integration of artificial intelligence across its operations. The Dubai-based real estate developer has implemented AI-driven tools to enhance customer engagement, streamline marketing efforts, and optimise sales processes, leading to significant financial gains.

Ali Sajwani, Managing Director of Operations and Technology at DAMAC Properties, highlighted the pivotal role of AI in transforming the company’s approach to real estate. By leveraging AI, DAMAC has been able to offer hyper-personalised customer experiences, improve lead generation, and reduce advertising expenditures. The adoption of AI-powered platforms, such as Meta’s Advantage+ Shopping Campaigns, has enabled the company to target potential buyers more effectively across various digital channels, including Instagram, Facebook, and WhatsApp.

The company’s foray into the metaverse, under the initiative named D-Labs, led by Ali Sajwani, has further exemplified its commitment to digital innovation. With an investment of up to $100 million, DAMAC aims to build digital cities, offering virtual homes and properties that allow customers to explore and customise their future residences through immersive virtual reality and augmented reality experiences. This initiative has not only enhanced customer engagement but also contributed to a notable increase in online-only sales, which currently generate over $100 million per quarter.

DAMAC’s strategic investments extend beyond AI and the metaverse. The company has announced plans to invest up to $1 billion in the data centre industry over the next few years, recognising the growing demand for digital infrastructure. This includes the launch of EDGNEX Data Centres, with facilities under construction in Saudi Arabia and plans for expansion into Indonesia, Jordan, and Turkey.

DAMAC’s collaboration with blockchain platform MANTRA to tokenize real-world assets in the Middle East, valued at $1 billion, underscores its commitment to embracing emerging technologies. This partnership aims to convert ownership rights into digital tokens, facilitating online trading and aligning with Dubai’s vision to become a global hub for digital and crypto assets.

Gold prices in Dubai have surged to unprecedented levels, with 24-karat gold breaching the Dh400 per gram mark for the first time, while 22-karat gold has climbed to Dh372.5 per gram. This significant uptick reflects a broader global trend, driven by escalating geopolitical tensions, central bank acquisitions, and concerns over U.S. fiscal policies.

The global spot price of gold has experienced a notable increase, currently trading around $3,024 per ounce. This marks a gain of over 15% since the beginning of the year, propelled by economic and geopolitical uncertainties. Bank of America has adjusted its gold price forecasts accordingly, now projecting an average of $3,063 per ounce for 2025 and $3,350 for 2026, up from previous estimates of $2,750 and $2,625 respectively. The bank also suggests that increased investment demand could push prices to $3,500 within two years.

In the United Arab Emirates, the surge in gold prices has been particularly pronounced. The Dubai Jewellery Group reported that 24K gold reached Dh400 per gram, while 22K gold rose to Dh372.5 per gram. This trend is consistent with the global market, where gold has been rallying due to its status as a safe-haven asset amidst economic instability.

Analysts attribute the surge to several factors. The ongoing trade policies of the U.S., particularly under President Donald Trump’s administration, have introduced significant uncertainty into global markets. The imposition of tariffs and the potential for reciprocal measures have heightened investor anxiety, leading to increased demand for gold.

Central banks have also played a pivotal role in the gold market’s dynamics. Currently, they hold about 10% of their reserves in gold, but there is potential for this figure to rise beyond 30%, offering additional support to prices. The anticipation of increased central bank purchases is contributing to bullish sentiment in the market.

In the Middle East, geopolitical tensions have further fueled the demand for gold. The region’s instability has historically led investors to seek refuge in precious metals, and the current climate is no exception. The combination of regional conflicts and global economic concerns has created a perfect storm for gold prices to soar.

Retailers in Dubai are witnessing the impact of these price movements firsthand. The surge in gold prices has led to a shift in consumer behavior, with many opting for lighter jewelry pieces or alternative investments. Despite the higher costs, demand remains robust, underscoring gold’s enduring appeal as a store of value.

The United States stock market experienced a significant surge following President Donald Trump’s announcement of a 90-day suspension on most newly imposed tariffs. This unexpected policy shift led to a substantial influx of approximately $5.1 trillion into the market, marking one of the most notable rallies in recent history.

On April 9, 2025, President Trump declared a temporary halt to the implementation of new tariffs, with the notable exception of those targeting Chinese imports, which were increased to 125%. This decision came after appeals from over 75 countries seeking relief from escalating trade tensions. The President’s announcement was made via his social media platform, Truth Social, where he encouraged investors to capitalize on the market conditions.

The market responded promptly and positively to the President’s remarks. The S&P 500 index rose by 9.5%, its most significant gain since 2008, while the Dow Jones Industrial Average increased by 7.9%, adding 2,963 points—the largest point gain in its history. The Nasdaq Composite outperformed with a 12.2% surge, marking its most substantial one-day rise since the early 2000s.

Technology stocks, particularly those comprising the “Magnificent Seven,” experienced remarkable rebounds. Nvidia’s stock soared by 18.72%, reflecting strong investor confidence in the semiconductor sector. Tesla’s shares increased by 22.69%, indicating renewed optimism in the electric vehicle market. Apple and Meta Platforms also saw significant gains of 15.33% and 14.76%, respectively, suggesting a positive outlook for consumer electronics and social media industries. Microsoft, Amazon, and Alphabet recorded increases of 10.13%, 11.98%, and 9.88%, respectively, underscoring the broad-based recovery among leading technology firms.

Despite the market’s enthusiastic response, some analysts urge caution, emphasizing the temporary nature of the tariff suspension and the ongoing complexities in international trade relations. The increased tariffs on Chinese goods to 125% have prompted concerns about potential retaliatory measures from Beijing, which could introduce further volatility into the market. Additionally, the bond market exhibited signs of distress, with notable fluctuations in Treasury yields, reflecting underlying uncertainties about the long-term economic implications of the administration’s trade policies.

In Congress, reactions to the President’s tariff pause were mixed. While some Republican lawmakers welcomed the move as a strategic decision to stabilize the economy, others expressed skepticism about the consistency and predictability of the administration’s trade policy. Democratic leaders criticized the abrupt policy shift, labeling it as erratic and potentially destabilizing for both domestic and global markets.

Internationally, the response was varied. While many countries expressed relief at the temporary suspension, the heightened tariffs on Chinese imports escalated tensions with Beijing. China responded by increasing tariffs on U.S. imports to 84%, signaling a potential intensification of the trade conflict between the two economic giants.

President Trump’s decision to pause most new tariffs appears to be a strategic maneuver aimed at alleviating immediate market anxieties and opening avenues for further trade negotiations. However, the selective nature of the tariff adjustments, particularly the substantial increase on Chinese goods, suggests a continued commitment to addressing specific trade imbalances. The administration’s approach reflects an attempt to balance domestic economic interests with the complexities of international trade dynamics.