Tether announces the launch of Tether Gold, a gold-backed cryptocurrency

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.

Tether diversifies into traditional assets, launches gold-backed cryptocurrency

Tether will be diversifying into traditional assets, as well. According to a press release shared with CryptoSlate, the company will be launching Tether Gold (XAU₮), a digital asset providing exposure to physical gold (XAU).

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. All XAU₮ tokens will be stored in a vault in Switzerland, guarded with best in class security and anti-threat measures, it said in the announcement.

While…