Tether Gold (XAUT): nearly 8 tons of gold to back this precious metal stablecoin
The king of stablecoins loves gold. The leader of stablecoins in the crypto market, Tether, launched its own stablecoin backed by physical gold in January 2020. Called Tether Gold (XAUT), this stablecoin is backed by certified London Good Delivery gold bars. The crypto company has just released an update on its stocks of precious metal, which are counted in tons of gold.
Tether Gold (XAUT): a stablecoin backed by tons of physical gold
Tether Gold is therefore a stablecoin that aims to track the price of a troy ounce of gold (approximately 31.1 g of pure metal). It allows its investors to gain exposure to gold without having to physically own the precious metal. XAUT holders can also exchange their tokens for physical gold stored in vaults in Switzerland.
