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The Daily Hodl
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Tether Launches Gold-Backed Cryptocurrency on Ethereum and Tron Networks

by Daily Hodl Staff
January 27, 2020
in Altcoins

Tether Ltd., the company that issues USDT, the world’s largest stablecoin with a market cap of over $4.6 billion, is announcing the launch of a new product, Tether Gold (XAU?), which aims to offer the “security of a digital asset pegged to physical gold” (XAU).

Tether’s management explains in a blog post,

“Building on a track record for product innovation, each XAU? token represents ownership of one troy fine ounce of physical gold on a specific gold bar.” 

The company adds that XAU? is issued as an ERC-20 compliant token on the Ethereum network and as a TRC-20 token on the TRON blockchain. The digital asset may be sent to any supported on-chain address from the buyers’ Tether wallet address. 

Tether Gold (XAU?) is reportedly the only product in the digital asset market that does not charge custody fees while maintaining “direct control over the physical gold storage,” which is securely kept in a vault in Switzerland. 

Tether claims the vault uses “best in class security and anti-threat measures” and that XAU? is supported by 24-hour customer support services.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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