June 9, 2023

Tether launches stablecoin gold backed

Tether launches stablecoin gold backed

According to a January 23 press release, Tether launches the Tether Gold stablecoin (XAU ₮), supported by gold.

One the token is the right to own onean ounce of gold, which currently costs about $ 1,550. The new token will be available in two versions - ERC-20 on the Ethereum blockchain and TRC20 on the Tron blockchain. Tether announced plans to launch a token backed by precious metals back in 2019.

According to the press release, tokens are supported by real gold, which is located in the “vault in Switzerland”. Representatives of Tether invited all interested exchanges to cooperation.

Bitfinex has already launched XAUT trading, and a quarter of the ECR-20 XAUT offer has been moved to Bitfinex wallets for storage.

Recall that in September, Paxos issued a PAX Gold token (PAXG) secured with gold on the Ethereum blockchain.

As previously reported, the Russian Association of Crypto Industry and Blockchain (RACIB) is already working on a stable gold-backed coin project in its Swiss office.

According to the materials cointelegraph.com