Tether launches Tether Gold (XAU₮), a cryptocurrency stablecoin pegged to gold

The leading stablecoin in the cryptocurrency market, Tether, announced the launch of Tether Gold (XAU₮), a cryptocurrency backed by gold, on its official website on January 23.

• XAU₮ is pegged to one ounce of gold, with a current market value of approximately 6.3 million USD
• Exchange Bitfinex has listed XAU₮

According to their press release, XAU₮ is issued in ERC-20 and TRC-20 forms, with each token backed by one ounce of gold, and the contract address shows a circulating supply of 3990.225 XAU₮, implying a market value of around 6.3 million USD.

A spokesperson for Tether stated that the launch of Tether Gold is in response to the growing demand for digital assets, providing the world's time-honored risk asset in XAU₮, meeting geopolitical needs for alternative financial systems. Tether CTO Paolo Ardoino commented:

Tether Gold offers the dual advantages of traditional and digital assets, eliminating the drawbacks of holding gold in traditional ways, such as high custody costs and restricted trading.

Reportedly, Bitfinex, a sister company of Tether, has become the first exchange to list Tether Gold. XAU₮ is currently trading around 1,570 USD on the platform.

Tether claims that its collateral is highly protected, with its gold reserves stored in Swiss vaults, providing top-notch security and anti-threat measures. They assert that Tether Gold (XAU₮) is the best way to hold gold.

XAU₮ holders can check the serial numbers of the allocated gold bars through the Tether official website. While unable to fully prove Tether's legal qualifications, it does offer investors a certain level of assurance.

Further Reading

• Are Stablecoins Really Stable? The Impact of Two Tether Trust Crises
• Did USDT Market Cap Suddenly Increase by 500 Million USD Before Bitcoin's Big Surge? Possibly Due to Data Site Update

Join now to get the most comprehensive fintech information, blockchain insights, and industry examples!