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Tether’s Alloy unwind deadline nears, leaving aUSD₮ recovery route at risk
CryptoSlate data shows five open Alloy collateral-mint positions carried 399,088.74 aUSDT of debt with 194.41497 XAUT collateral as of Aug. 10, with no published recovery path after Sept. 17.
Tether is winding down Alloy by Tether, a platform used to recover XAUT through dollar-tracking aUSDT debt backed by Tether Gold collateral, with the key recovery route set to end starting Sept. 17. Customers who have not returned their aUSDT will no longer be able to recover XAUT via the platform after that cutoff, and Tether has not published an alternative operational recovery process for post-deadline use.
CryptoSlate, citing Alloy’s vault data and token tracking tools, found five open collateral-mint positions as of 00:04:52 UTC on Aug. 10. Those positions showed 399,088.74 aUSDT of debt and 194.41497 XAUT of collateral, which CryptoSlate notes is less than 0.8% of Alloy’s maximum total aUSDT supply figure shown by the token API and Etherscan, because that supply is not the same as open debt.
The reporting also highlights a measurement gap between address counts and open positions. Alloy’s API showed 209 holder addresses compared with 80 on Etherscan, and CryptoSlate says neither count maps directly to the five open positions, with the additional caveat that a single customer may control more than one whitelisted address.
Alloy’s terms indicate that a collateral-mint-position holder must extinguish the full outstanding aUSDT balance to remove remaining XAUT, and documentation describes a 25-basis-point return fee. CryptoSlate adds that the June 30 disclosure showed much higher issued aUSDT and collateral, and while the Aug. 10 balances can change before Sept. 17, position holders have no published assurance of a platform route after the cutoff begins.
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