Popular stablecoins issuer Tether Inc has made another step towards global digitalization by introducing a new ERC20-based gold-pegged stablecoin called Tether Gold (XAU₮).
Tether Gold, the digital asset pegged to physical gold is officially live!— tethergold (@tethergold) January 23, 2020
Find full details about the only product among the competition that offers zero custody fees and has direct control over the physical gold storage.https://t.co/8RjDpUQQWO pic.twitter.com/arTgN5n0fs
According to the official announcement, each XAU₮ asset "represents ownership of one troy fine ounce of physical gold."
Tether claims its gold stablecoin is the only product that offers zero custody fees and has direct control over the physical gold storage. All funds, according to Tether, are held in a Switzerland vault.
Tether also said it has created a TRC20 version for the TRON blockchain.
Previously iHodl reported that Tether was planning to launch a new version of the stablecoin USDT backed by a basket of commodities such as gold, oil, and rubber.
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