Tether issues a token backed by gold stored in Switzerland
Date: 2024-06-18 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Tether, the issuer of the world's largest stablecoin pegged to the US dollar, has announced the release of a new category of cryptocurrency called “tethered assets.” This initiative represents a significant step in the development of digital assets, offering investors new opportunities.
The first release under the new category was a token backed by real physical gold stored in Switzerland. This token was called “Alloy by Tether” and designated aUSDT.
Alloy open platform
Tether's Alloy is an open platform designed to create collateralized synthetic digital assets. The platform will be part of the new Tether digital asset tokenization system, which is scheduled to launch later this year. Company CEO Paolo Ardoino stated:
“Alloy by Tether is an open platform that allows the creation of collateralized synthetic digital assets. It will soon be part of the new digital asset tokenization platform Tether, which will launch later this year.”
The aUSDT token is positioned as a cryptocurrency designed to track the value of one US dollar, but with additional collateral in the form of Tether Gold (XAUT). This means that aUSDT will be dual-backed, which should increase its stability and attractiveness to investors.
Comparison with other Tether assets
Although Tether Gold (XAUT) has a market capitalization of $573 million, it is not as popular as the company's main stablecoin USDT, whose total market value exceeds $100 billion. The introduction of aUSDT could change this dynamic, attracting the attention of investors seeking higher-end assets.
The launch of the gold-backed token aUSDT marks an important milestone in Tether's development and expansion of opportunities for investors. Paving the way for the creation of synthetic digital assets, Alloy's new platform promises to revolutionize the cryptocurrency market by offering more stable and reliable storage and investment options. With growing interest in cryptocurrencies, such initiatives could significantly strengthen Tether's position in the global digital asset market.
