Shenzhen Jiewo Rui exploded, 20% liquidation or 40% installment. The issue is the 40x leverage betting: a deposit of tens of yuan locks in the gold price of 1 gram; if the gold price rises, the platform loses money. Tether holds 140 tons of gold (23.3 billion USD), and XAUT maintains strict 1:1 reserve without betting. XAUT’s market cap is 2.2 billion USD, accounting for 50% of the market; when gold prices rise, it gains 5 billion USD in appreciation, buying 1-2 tons weekly.
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