Tether, the company behind the biggest stablecoin in the world, has launched Tether Gold, a digital asset providing exposure to physical gold.
According to the company's announcement, XAU₮ will be available both on Ethereum and on TRON and will represent one troy fine ounce of gold.
According to a press release shared with CryptoSlate, the company will be launching Tether Gold, a digital asset providing exposure to physical gold.
The XAU₮ token will represent ownership of one troy fine ounce of physical gold on a specific London Good Delivery gold bar.
The company claims the token is the only gold-backed coin that guarantees direct control over the physical gold storage.
While no further information on which bank will store the gold bars was released, Tether said that it is the only product among the competition that offers zero custody fees.
Tether Gold will be available both as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, the company said.
According to Tether, XAU₮ was launched as an answer to the growing demand for digital exposure to physical gold.
"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 Tether Gold website says that holders of XAU₮ will be able to redeem their tokens in the form of physical gold if they have completed the verification process mandated by TG Commodities Limited and hold a "Required minimum number of XAU₮."
Tether announces the launch of Tether Gold, a gold-backed cryptocurrency
Udgivet den Jan 23, 2020
by Cryptoslate | Udgivet den Coinage
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