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- Tether, the first blockchain-based platform to engage and innovate in the space of facilitating digital use of fiat money.
- Tether Gold will be available as an ERC-20 token on the Ethereum Blockchain, a TRC20 token on the TRON blockchain.
- Tether Gold will have direct control over its physical gold storage that has reportedly been secured in a Switzerland Vault.
Tether, the first blockchain-based platform to engage and innovate in the space of facilitating digital use of fiat money, announced yet another revolutionary product.
Tether will now offer Tether Gold (XAU₮), which will provide the security and convenience of a digital asset pegged to the stability and reliability of physical gold (XAU).
In line with its ideology of product innovation, Tether’s most recent announcement also includes a key detail stating that each XAU₮ token will represent the ownership of “one troy fine ounce of physical gold on a specific gold bar.”
Throughout the history of money and banking, gold has often seen as a safe-haven asset. Along with being a popular form of investment, gold is also known for its relatively stable price.
It is also one of the most common types of security across the world. Blockchain-based cryptocurrencies pose a substantial variation to this. The crypto market is new, immature, and very susceptible to market fluctuations.
Crypto currency’s current lack of strict supervision against manipulation has contributed to weakening its chances of being a haven against the productive ecosystems and regulatory mechanisms of gold.
Thus, this move of Tether is a significant milestone in the process of integration of digital and traditional assets. Tether Gold will be available as an ERC-20 token on the Ethereum Blockchain, a TRC20 token on the TRON blockchain.
It will be available for transfer from the purchasers’ Tether wallet to any on-chain address. It is particularly important for its zero custody fee offer, a facility unavailable among similar competitors.
Further, Tether Gold will have direct control over its physical gold storage that has reportedly been secured in a Switzerland Vault with best in class security and anti-threat measures, satisfying any safety concerns.
Following the announcement, Paolo Ardoino, the CTO of Tether, said that-
Tether gold is a positive addition to Tether’s technological innovation and new product development ideology, with the company already supporting the US dollar, Euro, and offshore Chinese Yuan.
