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XAUT: When the Swiss Gold Vaults Went Digital (And Why That's Actually Kind of Brilliant?) So apparently there's a thing called XAUT — Tether Gold —where each token represents ownership of one troy ounce of actual, physical, touch-it-if-you-redeem-it gold sitting in a Swiss vault. Yes, a troy ounce. Not a regular ounce, because gold operates in its own medieval measurement system. The concept sounds utterly absurd at first : we've spent years building digital currencies specifically to escape the limitations of physical assets, and now we're... tokenizing the most physical asset of all ? It's like if Spotify suddenly started mailing vinyl records . And yet, the more you think about it, the more XAUT starts making a strange kind of sense. The Pitch: All the Gold, None of the Vault Rental Here's what XAUT actually does : it provides a digital representation of physical gold ownership, where each token is backed one-to-one by a fine troy ounce o...