May 13, 2021

Tether launches gold stablecoin XAU ₮ tied to gold

Tether project announces the launch of its new Tether Gold token (XAU ₮), tied to gold, which has already begun to trade on the Bitfinex cryptocurrency exchange.

According to the management, the Tether Gold tokenprovides the right to own one troy ounce of pure gold bullion; today the stablecoin cost is about $ 1,550. Tether Gold is presented as an ERC-20 and TRC20 standard token, and is released on the Ethereum and Tron blockchains.

The gold that the tokens are provided with is inrepository of Switzerland. Tether does not plan to charge customers a fee for storing the precious metal and directly control it, which will differ from its competitors.

According to the information published on the siteTether, the minimum purchase amount for XAU ₮ tokens will be 50 units or 50 troy ounces of gold, which is about $ 75,000. Tether Gold is already being traded on the Bitfinex cryptocurrency platform, which planned to host a new stablecoin in November.

In September, Tether released a secured ChineseCNYT stablecoin on the Ethereum blockchain. According to the company, CNHT represents a further expansion of Tether's ability to promote the digital use of traditional currencies.

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