[ad_1]
Stablecoin issuer Tether is launching a brand new token backed by bodily gold.
Tether Gold “represents possession of 1 troy effective ounce of bodily gold on a selected gold bar,” a press launch stated Thursday. The brand new stablecoins, with the XAU₮ ticker, will probably be issued on ethereum and tron as ERC-20 and TRC20 tokens.
“Tether Gold is launching in response to the rising demand for a digital asset that gives publicity to the world’s most enduring asset and a geopolitical want for another monetary system,” a spokesperson stated in an e mail.
The gold backing every token will probably be saved in a Swiss vault, the discharge claimed, with out naming the power. Tether will cost no custody charges and “has direct management over the bodily gold storage.”
“Tether Gold offers the mixed advantages of each bodily and digital belongings, eradicating the drawbacks of holding gold in additional conventional methods, similar to excessive storage prices and restricted entry,” stated Tether CTO Paolo Ardoino.
Tether’s different stablecoins are pegged to the U.S. greenback, the euro and offshore yuan.
Disclosure Learn Extra
The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. CoinDesk is an impartial working subsidiary of Digital Forex Group, which invests in cryptocurrencies and blockchain startups.
[ad_2]
Source link