Alloy Tether

Alloy by Tether presented Tethered Assets as tokens intended to track a reference asset using collateral and stabilization strategies. The first product, aUSD₮, used XAU₮ as collateral while expressing its target in U.S. dollars. The design offered a familiar unit of account without making aUSD₮ identical to Tether's USDT.

The intended user journey was collateralized issuance and return: the official site says users mint with Tether Gold and can return minted tethered assets to receive the underlying XAU₮. That describes a platform position with collateral and execution conditions, not an unconditional dollar-reserve claim or a separately evidenced legal title to a particular gold bar.

The official launch announcement dated 17 June 2024 introduced Alloy by Tether and identified aUSD₮ as its first token, over-collateralized by XAU₮ and deployed on Ethereum. Independent coverage likewise describes the product as launched in June 2024, with users depositing XAUT to mint aUSDT through Ethereum smart contracts.

On 17 June 2026, Tether said it was beginning a planned wind-down after reviewing user activity, market demand and broader priorities. The announcement explicitly said the interface would remove the ability to open new positions or mint new aUSD₮, while existing users would retain a temporary path to return aUSD₮ and remove XAU₮. The current Alloy legal-terms page makes the status operationally specific: new minting is closed, and users must return aUSD₮ and remove XAU₮ by 17 September 2026. After that date, Tether says customers who have not returned aUSD₮ will no longer be able to recover their XAU₮ through the platform. The page is therefore a live wind-down notice, not a roadmap for a new product.

Etherscan identifies aUSD₮ at 0x9EEAD9ce15383CaEED975427340b3A369410CFBF as an ERC-20 with six decimals. Its reviewed snapshot reports 50,020,647.05 maximum total supply and 50,000,005 circulating tokens, but those figures are observations at a point in time rather than a perpetual cap guarantee.

The token is deployed as a TransparentUpgradeableProxy pointing to implementation 0xBF83F8436Ac46A8B1da5A9348eD84F68aEe07B98. Proxy architecture makes upgrade administration a core trust assumption: token holders should not infer immutability, governance, freeze policy or future behavior from the ERC-20 label alone. The reviewed materials establish aUSD₮'s collateralized product purpose and return process, but do not establish voting rights, a USDT redemption right, or an independent holder claim to Tether's gold reserves.