Tether’s Alloy reserves have exceeded $210 million, according to the company’s transparency materials. The figure covers Alloy and its aUSDT synthetic dollar, not standard USDT. aUSDT is overcollateralized by Tether Gold, or XAUt, allowing users to obtain dollar-like liquidity while retaining exposure to gold-backed collateral. That structure gives Alloy a different use case and risk profile from USDT, whose reserves are tied to fiat, cash equivalents, Treasuries and other disclosed assets. Alloy remains small relative to Tether’s broader stablecoin business, but the milestone highlights interest in products combining tokenized gold with digital-dollar liquidity. Gold prices, collateral ratios, liquidation processes, smart-contract design and XAUt liquidity are key considerations for the product.