Tether Announces New Gold – Backed Stablecoin
In a press release released yesterday by Tether, they announced the launch of their new gold-backed stablecoin, Tether Gold (XAUT). The value of each XAUT is priced at the value of one ounce of physical gold. One Tether Gold (XAUT), priced at $ 1,560, can be purchased on the Bitfinex exchange.
Tether Gold was produced and launched on two blockchain networks as the ERC-20 token created on the Ethereum blockchain and TRX20 token created on the Tron network.
According to the statement, the physical gold that constitutes the value of the cryptocurrency will be stored in special safes provided in Switzerland. Tether shows that the most important feature that distinguishes its new product from its competitors is that no storage fee will be charged additionally.
Stating that they are in contact with all the cryptocurrency exchanges that want to list this new cryptocurrency, Tether announced that Tether Gold’s total supply for the moment is 4,000 units and the total market value is $ 6.2 million.
The part of total supply on ERC-20 started to be sold by Bitfinex. Given the old partnerships with Tether, it was an expected development that Bitfinex would begin sales first.
Bitfinex has already started trading XAUT. A quarter of the ERC-20 supply had been moved to Bitfinex. It was already an expected development that Bitfinex, closely associated with Tether, would be the first stock market to offer the new cryptocurrency.
The foundations of the gold-backed Tether were laid last September. Tether, which has always been on the agenda regarding transparency related to reserve management, continues with the lawsuit filed against the market manipulation in 2017.
It is already an object of interest how the demand will be for Tether Gold.
In addition to this latest development of Tether Gold, you can examine gold products ranging from 1 gram to 1 kilo by browsing cointral.store where gram gold can be bought with Bitcoin, Ethereum and BNB Coin.
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