Tether (USDT) Issuing Company Launches New Platform For Minting Gold-Backed Stablecoins
Tether USDT/USD launched a new platform Monday that will allow the creation of gold-backed stablecoins pegged to the U.S. Dollar.
Stablecoin issuer Tether (CRYPTO: USDT) has launched a new platform that will enable the creation of gold-backed stablecoins pegged to the U.S. Dollar.
The new token minting platform, called Alloy By Tether, will facilitate the creation of tokens that utilize Tether Gold (CRYPTO: XAUt) as collateral. This differs from the cash and cash equivalents used for backing USDT, the world's largest stablecoin by market capitalization.
For those unfamiliar, XAUt is a tokenized version of gold, which provides blockchain users with ownership of real physical gold.
The first "Tethered Asset" to be created using this concept is aUSDt, a USD-denominated token. The company explained that the over-collateralized coin will enable holders to gain exposure to gold, an asset recognized for its ability to store value, while simultaneously allowing them to use it in payments and everyday transactions.
According to Tether CEO Paulo Ardoino, the Alloy By Tether open platform will be integrated into the upcoming Tether digital assets tokenization platform.
The tokenization of real-world assets, such as bringing on-chain assets like real estate, bonds, and commodities, has emerged as a major theme in Web3.
Earlier in the year, asset management giant BlackRock launched the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which provides investors with exposure to cash equivalents like U.S. Treasury bills through digital tokens.
As of this writing, the tokenization industry has more than $4 billion in total value locked, according to DeFiLlama.
At the time of publication, XAUt was trading at $2,321.26, down 0.07% over the last 24 hours, while USDT was valued at $0.99, based on data from Benzinga Pro.
News source：https://www.kdj.com/cryptocurrencies-news/articles/tether-usdt-issuing-company-launches-platform-minting-gold-stablecoins.html
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