Stablecoin issuer Tether is launching a brand new token backed by bodily gold.Tether Gold "represents possession of 1 troy fantastic ounce of bodil
Stablecoin issuer Tether is launching a brand new token backed by bodily gold.
Tether Gold “represents possession of 1 troy fantastic ounce of bodily gold on a selected gold bar,” a press launch mentioned Thursday. The brand new stablecoins, with the XAU₮ ticker, can be issued on ethereum and tron as ERC-20 and TRC20 tokens.
“Tether Gold is launching in response to the rising demand for a digital asset that gives publicity to the world’s most enduring asset and a geopolitical want for another monetary system,” a spokesperson mentioned in an electronic mail.
TThe gold backing every token can be saved in a Swiss vault, the discharge claimed, with out naming the ability. Tether will cost no custody charges and “has direct management over the bodily gold storage.”
“Tether Gold supplies the mixed advantages of each bodily and digital belongings, eradicating the drawbacks of holding gold in additional conventional methods, akin to excessive storage prices and restricted entry,” mentioned Tether CTO Paolo Ardoino.
Tether’s different stablecoins are pegged to the U.S. greenback, the euro and offshore yuan.
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