The Tether project has announced the launch of a new token, Tether Gold (XAU₮), pegged to gold, which has already begun tradingon 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 information published on the websiteTether, 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 trading on the cryptocurrency exchange Bitfinex, which planned to list the new stablecoin back in November.
In September, Tether issued a Chinese-backedYuan stablecoin CNHT on the Ethereum blockchain. CNHT represents a further expansion of Tether's capabilities to facilitate the digital use of traditional currencies, the company said.
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