Tether [USDT] is Set to Launch Tether Gold [XAU₮]; A Stablecoin Backed By Gold

By Achal Arya
Published January 24, 2020 Updated January 24, 2020
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Tether [USDT] is Set to Launch Tether Gold [XAU₮]; A Stablecoin Backed By Gold

By Achal Arya
Published January 24, 2020 Updated January 24, 2020

Tether, the first blockchain-enabled platform facilitating digital use of traditional currencies, is pleased to announce Tether Gold (XAU₮), a digital asset providing exposure to physical gold (XAU).

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The XAU₮ token represents ownership of one troy fine ounce of physical gold on a specific gold bar. 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.

Furthermore, Tether Gold (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. Today, Tether Gold (XAU₮) is the best way to hold Gold.

“There is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem,” said Paolo Ardoino, CTO at Tether. “Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.”

The addition of XAU₮ represents an important milestone in technological innovation and new product development, with the Tether group of companies already supporting US dollar (USD₮), euro (EUR₮) and offshore Chinese yuan (CNH₮). XAU₮ is issued by TG Commodities Limited.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Achal Arya
510 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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