Tether is working with Antalpha Platform Holding, a financial services firm linked to Bitmain Technologies, on plans to launch a public vehicle focused on tokenized gold, according to a Bloomberg report.

The partners are seeking to raise at least $200 million to capitalize the entity, people familiar with the talks said. The proposed vehicle would function as a digital-asset treasury company, with the mandate of accumulating reserves of XAUt, Tether’s gold-backed token.