Tether Gold (XAUT) deposits in decentralized finance have shifted toward Aave V4, which attracted about $8 million of the tokenized gold asset over 90 days. Total XAUT deposits on Aave increased from roughly $40 million in early June to $76.7 million by mid-August, a gain of approximately 91.7%, making Aave the leading DeFi lending venue for XAUT. Aave V4, launched on March 30 with a Hub-and-Spoke liquidity model, held about $4.4 million in XAUT at the end of June and $7 million by the end of July, with deposits continuing to rise into August. By contrast, XAUT deposits declined on Uniswap V3, Aave V3 and Morpho Blue. Uniswap V3 still held about $16.5 million in XAUT liquidity, primarily supporting spot trading and price discovery rather than collateralized borrowing. On Aave V4, users can deposit XAUT as collateral and borrow stablecoins such as USDT and USDC, allowing gold-linked holders to access liquidity without selling through a decentralized exchange and incurring slippage. Each XAUT token represents one troy ounce of gold held in Swiss vaults, combining exposure to gold’s spot price with the composability of an ERC-20 asset.