RATE Group | Tether Rolls Out Gold-backed Cryptocurrency – Product Release & Updates
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Tether Rolls Out Gold-backed Cryptocurrency – Product Release & Updates

28 Jan Tether Rolls Out Gold-backed Cryptocurrency – Product Release & Updates

Posted at 05:20h in Cryptocurrency News by

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Tether Rolls Out Gold-backed Cryptocurrency

Tether has announced the launch of a gold-backed cryptocurrency named Tether Gold. It reportedly provides guaranteed control of physical gold storage.

According to reports, the newly launched Tether Gold (XAUT) provides the security of digital assets pegged to physical gold. It’s also allegedly the only such type of coin that guarantees direct control over the physical gold storage safely held in a Swiss vault. Also, adopting the best in class security and anti-threat measures.

Tether refused to disclose the bank that’ll store the gold bars. But, the cryptocurrency company said that the product offers zero custody fees. Yet, it envisions fees for the purchase and the redeeming of tokens.

Tether also said the XAU₮ token becomes available on both Ethereum (ERC-20 token) and TRON (TRC20 token) platforms and it’ll represent one troy fine ounce of gold. A user can transfer the token to any on-chain address from the purchasers’ Tether wallet. Notably, the company also believes…

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