Tether is now supporting a gold-backed stablecoin Tether Gold (XAU₮)
Tether is now supporting a gold-backed stablecoin, Tether Gold (XAU₮), providing the security of a digital asset pegged to physical gold (XAU), according to press release on January 23.
One token represents ownership of one troy fine ounce of physical gold on a specific gold bar.
Tether Gold (XAU₮) which is available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, can be transferred to any on-chain address from the purchasers’ Tether wallet.
XAU₮ on the blockchain Ethereum | Source: Etherscan
According to Tether, XAU₮ is the only product among the competition that offers zero custody fees and has direct control over the physical gold storage, safely held in a Switzerland vault, adopting best in class security and anti-threat measures.
Bitfinex has already launched XAUT trading, with one-quarter of the ERC-20 supply having been moved to Bitfinex. As a closely-affiliated company to Tether, it was expected for Bitfinex to be the first to offer the new token.
In addition, Bitfinex reportedly used Tether reserves to cover a liquidity shortfall following issues with its payment provider, Crypto Capital Corp.
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