Tether Gold, the stablecoin that is backed by Tether Gold, the cryptocurrency company behind USDT and several other leading stablecoins announced on Wednesday it has $770 Million in gold reserves.
Launched by 2020, XAUT will be a digital currency pegged at the value of an ounce of gold.
Tether has released a new press release stating that each token is equivalent to direct ownership of gold bars held in Swiss vaults.
Paolo Ardoino is the CEO of Tether.
Tether Gold is a gold-backed currency that demonstrates the value of gold in uncertain economic times.
XAUT allows users to have access to the physical security of gold, in a digital format. It is secure, easy-to-transfer, and backed by gold reserves that are fully owned. This is part of our commitment to build financial tools that combine traditional assets and the efficiency of Blockchain technology .”
This disclosure is part of a larger effort to improve the transparency in the crypto industry regarding stablecoin reserves.
Third-party custodians audit the company’s gold reserves regularly to make sure they correspond with the number of XAUT coins in circulation.
Tether, out of security concerns, hasn’t disclosed any specifics about the locations of its vaults.
Tether committed to complete a full audit and hired a chief financial officer last month.
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The post Tether Reveals 770,000,000 Gold Bullion Reserves Supporting XAUT Stablecoin might be updated as new information becomes available.
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