Tether Launches Gold-Backed Cryptocurrency on Ethereum and Tron Networks

27 January 2020, Monday, 10:25 - dailyhodl.com
Tether Launches Gold-Backed Cryptocurrency on Ethereum and Tron Networks

Tether Ltd., the company that issues USDT, the world’s largest stablecoin with a market cap of over $4.6 billion, is announcing the launch of a new product, Tether Gold (XAU₮), which aims to offer the “security of a digital asset pegged to physical gold” (XAU).

Tether’s management explains in a blog post,

“Building on a track record for product innovation, each XAU₮ token represents ownership of one troy fine ounce of physical gold on a specific gold bar.”

The company adds that XAU₮ is issued as an ERC-20 compliant token on the Ethereum network and as a TRC-20 token on the TRON blockchain. The digital asset may be sent to any supported on-chain address from the buyers’ Tether wallet address.

Tether Gold (XAU₮) is reportedly the only product in the digital asset market that does not charge custody fees while maintaining “direct control over the physical gold storage,” which is securely kept in a vault in Switzerland.

Tether claims the vault uses “best in class security and anti-threat measures” and that XAU₮ is supported by 24-hour customer support services.

Featured Image: Shutterstock/Oleksiy Mark

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