Tether launches stablecoin gold backed

According to a January 23 press release, Tether is launching the gold-backed stablecoin Tether Gold (XAU₮).

OneThe token represents the right to own one ounce of gold, which at the momentis worth about $1550.The new token will beis available in two variants – 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, the tokens are backed by real gold, which is held in a "vault in Switzerland."Representatives of Tether invited all interested exchanges to cooperate. 

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.

Based on materialscointelegraph.com