{"id":12150,"date":"2026-08-20T20:28:13","date_gmt":"2026-08-20T20:28:13","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12150"},"modified":"2026-08-20T20:28:13","modified_gmt":"2026-08-20T20:28:13","slug":"tether-backed-antalphas-loan-tvl-declined-696-million","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12150","title":{"rendered":"Tether-backed Antalpha&#8217;s loan TVL declined $696 million"},"content":{"rendered":"<p><\/p>\n<div data-single-article-content=\"\">\n<p>Antalpha\u2019s facilitated loan book shrank by $696 million in the second quarter as losses on tokenized gold holdings at its subsidiary, Aurelion, pushed the digital asset financing group into the red.<\/p>\n<p>According to the firm&#8217;s filing with the US Securities and Exchange Commission (SEC), its total loan book fell 34% to $1.35 billion as of June 30, from $2.05 billion a year earlier and $1.71 billion at the end of March.<\/p>\n<p>As a result, the company&#8217;s revenue fell 28% to $12.2 million, while net income attributable to Antalpha swung to a $12.5 million loss from a $700,000 profit.<\/p>\n<p>Meanwhile, the lending contraction spread across both sides of Antalpha\u2019s business. The firm said its supply-chain loan TVL fell 46% to $384 million, while margin-loan TVL dropped 27% to $969 million.<\/p>\n<p>Indeed, Galaxy Digital had pointed out that the broader crypto lending market had contracted for a third straight quarter to $56.16 billion. This is 40.13% lower than the 2025 third quarter record high of $78.69 billion.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-556704\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751.png\" alt=\"Infographic comparing Antalpha loan TVL falling from $2.049 billion to $1.353 billion with the $22.3 million XAUt and XAUE loss composition.\" width=\"720\" height=\"405\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751.png 1672w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-480x270.png 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-1200x675.png 1200w\" sizes=\"(max-width: 720px) 100vw, 720px\"\/><img decoding=\"async\" class=\"lazyload aligncenter wp-image-556704\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751.png\" alt=\"Infographic comparing Antalpha loan TVL falling from $2.049 billion to $1.353 billion with the $22.3 million XAUt and XAUE loss composition.\" width=\"720\" height=\"405\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751.png 1672w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-480x270.png 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-66592b6c-556c-4f0c-be45-55da5fb56751-1200x675.png 1200w\" data-sizes=\"(max-width: 720px) 100vw, 720px\"\/><\/p>\n<p>Antalpha attributed its market decline to lower financing activity and more selective capital deployment rather than credit deterioration, saying it has recorded no principal loss since inception.<\/p>\n<p>Meanwhile, the firm suggests the revenue slowdown may extend into the third quarter.<\/p>\n<p>Antalpha expects third-quarter revenue of $10 million to $12 million, below the $12.2 million reported in the second quarter, despite assuming continued solid demand for crypto-collateralized financing and broadly unchanged market conditions.<\/p>\n<aside id=\"cs-inline-newsletter-1\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\" data-newsletter-placement=\"article-midpoint\" data-newsletter-pending-label=\"Joining\u2026\" data-newsletter-pending-status=\"Joining the Daily Brief\u2026\" data-newsletter-email-required-message=\"Before sending, please provide your email address.\" aria-labelledby=\"cs-inline-newsletter-1-title\" aria-describedby=\"cs-inline-newsletter-1-copy\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\"> <i class=\"fa-regular fa-envelope\" aria-hidden=\"true\"\/> The Daily Brief <\/span><\/p>\n<h2 id=\"cs-inline-newsletter-1-title\" class=\"cs-inline-newsletter__title\">The signal, before the noise.<\/h2>\n<p id=\"cs-inline-newsletter-1-copy\" class=\"cs-inline-newsletter__copy\">Start your day with the crypto stories moving markets, decoded by CryptoSlate\u2019s editors.<\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__form-heading\">One email. Everything that matters.<\/p>\n<p id=\"cs-inline-newsletter-1-privacy\" class=\"cs-inline-newsletter__privacy\">Free to join. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span><strong>You\u2019re on the list.<\/strong> Your next Daily Brief is on its way.<\/span><\/p>\n<\/div>\n<\/div>\n<\/aside>\n<h2>Aurelion drove Antalpha&#8217;s losses<\/h2>\n<p>The sharper earnings hit came from Aurelion, which Antalpha has consolidated since taking control in October 2025. Aurelion is Antalpha\u2019s controlled tokenized-gold subsidiary that trades publicly under the ticker AURE.<\/p>\n<div class=\"cs-article-embed\">\n<p> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Tether&#8217;s $20 billion mountain of gold \u2013 equal to a national reserve \u2013 to be used for lending<\/h3>\n<\/p>\n<p> <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\"> <i class=\"fa-light fa-arrow-up-right\"\/> <\/span> <\/div>\n<p>According to the filing, Aurelion recorded about $22.3 million in fair-value losses tied to its XAUt and XAUE tokenized-gold holdings, driving most of Antalpha\u2019s $25.1 million operating loss. Roughly $21.2 million of the gold-related hit was unrealized, while about $1.1 million was realized.<\/p>\n<p>Antalpha said the consolidated figures obscure the performance of its core Antalpha Prime financing platform, which remained operationally profitable on a non-GAAP basis.<\/p>\n<p>Chief Financial Officer Paul Liang said the company plans to continue deploying capital selectively while investing in higher-return adjacent businesses. He added:<\/p>\n<blockquote>\n<p>\u201cWe believe that disciplined operations and risk management are the foundation for creating long-term shareholder value. As such, we will deploy capital selectively, enhance our financing platform, and advance high ROI complementary capabilities such as our tokenized gold platform and Web3 AI agent, Nina.\u201d<\/p>\n<\/blockquote>\n<p>Already, Antalpha is positioning Aurelion as more than a vehicle for holding tokenized gold. Aurelion&#8217;s Chief Executive Officer Frank Zheng said the company is transforming into a risk-control and technology layer for on-chain gold, aiming to generate recurring, technology-driven revenue.<\/p>\n<p>XAUt is issued by Tether, which is also a major Antalpha shareholder. Tether also issues the largest stablecoin by market capitalization, USDT.<\/p>\n<p>Tether-related entities beneficially owned 1.95 million Antalpha shares, representing about 8.1% of the company, according to a June regulatory filing. The stablecoin issuer also owns 21.5% of Aurelion Class A shares.<\/p>\n<\/div>\n<p>Crypto,Digital Asset Treasuries,Earnings,Featured,Lending,stablecoins,Tether,XAUTstablecoins,Tether,XAUT#Tetherbacked #Antalphas #loan #TVL #declined #million1787257693<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Antalpha\u2019s facilitated loan book shrank by $696 million in the second quarter as losses on tokenized gold holdings at its subsidiary, Aurelion, pushed the digital asset financing group into the red. According to the firm&#8217;s filing with the US Securities and Exchange Commission (SEC), its total loan book fell 34% to $1.35 billion as of<\/p>\n","protected":false},"author":1,"featured_media":12151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6396,6398,629,406,282,218,6395,6397,328],"class_list":["post-12150","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-antalphas","tag-declined","tag-loan","tag-million","tag-stablecoins","tag-tether","tag-tetherbacked","tag-tvl","tag-xaut"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether-backed Antalpha&#039;s loan TVL declined $696 million - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Tether-backed Antalpha saw revenue fall 28% and now expects third-quarter sales below its second-quarter result.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12150\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether-backed Antalpha&#039;s loan TVL declined $696 million\" \/>\n<meta property=\"og:description\" content=\"Tether-backed Antalpha saw revenue fall 28% and now expects third-quarter sales below its second-quarter result.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=12150\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-20T20:28:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/antalpha-lending-underwater.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12150\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=12150\",\"name\":\"Tether-backed Antalpha's loan TVL declined $696 million - Crypto News: Latest Cryptocurrency News and Analysis\",\"isPartOf\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12150#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12150#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/antalpha-lending-underwater.jpg\",\"datePublished\":\"2026-08-20T20:28:13+00:00\",\"author\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#\/schema\/person\/822778c5844e0d16d43dce6630f4f1bf\"},\"description\":\"Tether-backed Antalpha saw revenue fall 28% and now expects third-quarter sales below its second-quarter result.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12150#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptonews.uk.com\/?p=12150\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12150#primaryimage\",\"url\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/antalpha-lending-underwater.jpg\",\"contentUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/antalpha-lending-underwater.jpg\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12150#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptonews.uk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tether-backed Antalpha&#8217;s loan TVL declined $696 million\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptonews.uk.com\/#website\",\"url\":\"https:\/\/cryptonews.uk.com\/\",\"name\":\"Crypto News: Latest Cryptocurrency News and Analysis\",\"description\":\"Latest Crypto &amp; 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