Antalpha Platform Holding Company announced a partnership with London‑based Malca‑Amit, a London Bullion Market Association‑certified custodian, to launch a seamless exchange service that converts Tether Gold (XAUₜ) tokens into physical gold in Hong Kong. The service will become available to institutional clients on December 12, 2025, with a settlement cycle of T+1 business days and a minimum bulk exchange volume of 2 kg.
The new platform leverages Malca‑Amit’s global vault network and logistics infrastructure to provide a fully integrated, end‑to‑end solution. Clients can schedule physical exchanges immediately after completing KYC verification, and the T+1 settlement cycle reduces the time and risk associated with traditional gold transactions. The partnership also includes a joint effort to develop a gold reserve mechanism that will support inventory replenishment and create a dual‑security barrier for stored bullion.
Antalpha’s move expands its RWA Hub and strengthens its treasury strategy by creating a closed‑loop “physical‑digital” gold marketplace. The launch comes at a time when the circulating market cap of XAUₜ has surged from roughly $800 million in July to $2.2 billion in December, reflecting growing demand for tokenized gold as a store of value amid macroeconomic volatility. By offering a low‑premium, high‑liquidity bridge between digital and physical gold, Antalpha positions itself to capture a share of the expanding tokenized‑asset market and to enhance its collateral offerings for crypto‑asset financing.
Malca‑Amit brings industry‑leading security and compliance credentials to the partnership. The firm is an LBMA full member and holds ISO 9001 and ISO 27001 certifications, ensuring that the vaults and logistics operations meet the highest standards for quality management and information security. These certifications reinforce Antalpha’s commitment to risk management and provide institutional clients with confidence in the safety and traceability of their gold holdings.
CFO Paul Liang emphasized the service’s value proposition: “Traditional physical gold trading is often burdened by high premiums and structural pain points regarding storage security and lack of liquidity.” The partnership addresses those pain points by offering a streamlined, low‑cost conversion path that preserves the intrinsic value of gold while delivering the convenience of a digital token. The new service is expected to broaden Antalpha’s collateral base, support its broader RWA strategy, and strengthen its competitive moat in the crypto‑asset financing space.
The launch signals a broader shift toward integrated digital‑gold ecosystems, where tokenized assets can be backed by physical bullion in a secure, regulated framework. Antalpha’s expansion into this space underscores its strategy to digitize real‑world assets and to provide institutions with innovative financing solutions that combine the stability of gold with the flexibility of blockchain technology.
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