Tether Gold (XAUT) Backed Digital Asset aUSDT Launches, Targeting Traditional Gold Market-web3.0-php.cn

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Tether Gold (XAUT) Backed Digital Asset aUSDT Launches, Targeting Traditional Gold Market

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Jun 19, 2024 am 06:37 AM

The firm behind the largest stablecoin by market cap is launching a new digital asset backed by real gold.

Tether Gold (XAUT) Backed Digital Asset aUSDT Launches, Targeting Traditional Gold Market

Stablecoin issuer Tether is launching a new digital asset pegged to the price of gold and over-collateralized by Tether Gold (XAUT). The asset, called aUSDT, is the first product from a new line-up of offerings called Alloy by Tether.

“Alloy by Tether introduces a novel category of digital assets known as tethered assets, designed to track the price of reference assets through stabilization strategies like over-collateralization with liquid assets and secondary market liquidity pools.

This innovative approach provides consistent value and stability between the reference asset and its tethered counterpart.”

According to the announcement, aUSDT is pegged to the price of XAUT, which is backed by stores of physical gold in Switzerland.

Alloy by Tether smart contracts are currently deployed on Ethereum (ETH) where aUSDT can be created using Tether Gold as collateral.

“While the stabilization mechanism is different compared to traditional options like USDT, this innovative solution marks an exciting milestone, and we eagerly anticipate how it will interact with the rest of the market.

Moreover, we plan to make this innovative technology available in our upcoming digital asset tokenization platform as well.”

The announcement comes more than a month after Kaiko Analytics published data suggesting that stablecoin competitors are chipping away at Tether’s market dominance.

News source：https://www.kdj.com/cryptocurrencies-news/articles/tether-gold-xaut-digital-asset-ausdt-launches-targeting-traditional-gold-market.html

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