Crypto lending platform Ledn is now accepting Tether Gold (XAUT) as collateral for loans, broadening its product line beyond the Bitcoin-backed model it’s known for. The move lets users borrow against tokenized gold without selling it, and it signals a bigger bet on real-world assets (RWAs) — a market where tokenized commodities currently make up nearly 17% of $43 billion in total value.
What changes for borrowers
Ledn clients can now pledge XAUT, a token pegged to physical gold held in Swiss vaults, to take out loans in USDC or USDT. Previously the firm only accepted Bitcoin and a handful of other major cryptos as collateral. Loan-to-value ratios and interest rates weren’t disclosed, but the company said terms will be similar to its existing Bitcoin-backed loans. The addition gives gold holders a way to access liquidity without triggering a taxable sale.
Why tokenized gold now
The timing tracks with a broader shift toward RWAs on blockchain rails. Tokenized commodities — gold, silver, oil, and the like — have become the second-largest RWA category by market cap, after private credit. Tether Gold alone has a market cap north of $700 million. By accepting XAUT, Ledn is effectively betting that demand for gold-backed loans will grow alongside the tokenized gold market itself.
RWA market keeps expanding
The $43 billion RWA figure comes from industry tracking data; tokenized commodities account for about $7.3 billion of that. That’s still small next to traditional finance, but the growth rate has drawn attention from lenders like Ledn who want to offer more than just crypto-to-crypto loans. For a platform that started with Bitcoin-only lending in 2018, adding a gold-backed token is a meaningful step toward serving a different kind of risk profile.
What’s next
Ledn hasn’t said whether it will add other tokenized commodities or expand into private credit or real estate RWAs. But the infrastructure is now in place to take more asset types. For now, the focus is on getting XAUT loans live and seeing whether gold bug borrowers actually take the bait.
