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Tether Says Its Newest Stablecoin Is Backed by Gold in Swiss Vault
Tether is issuing a new stablecoin as ERC-20 and TRC20 tokens, backing their price with one ounce of gold.
By Nikhilesh De
Updated Sep 13, 2021, 12:11 p.m. Published Jan 23, 2020, 4:25 p.m.
Stablecoin issuer Tether is launching a new token backed by physical gold.
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Tether Gold "represents ownership of one troy fine ounce of physical gold on a specific gold bar," a press release said Thursday. The new stablecoins, with the XAU₮ ticker, will be issued on ethereum and tron as ERC-20 and TRC20 tokens.
"Tether Gold is launching in response to the growing demand for a digital asset that provides exposure to the world's most enduring asset and a geopolitical need for an alternative financial system," a spokesperson said in an email.
The gold backing each token will be stored in a Swiss vault, the release claimed, without naming the facility. Tether will charge no custody fees and "has direct control over the physical gold storage."
"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," said Tether CTO Paolo Ardoino.
Tether's other stablecoins are pegged to the U.S. dollar, the euro and offshore yuan.
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