Tether Limited Launched Gold-Backed Stablecoin On Ethereum

Tether Limited launched a new type of stablecoin that is pegged to gold and it is issued on the Ethereum network but also on the Tron one as we are reading more about it in the latest tether news.

According to the latest announcement, the company behind the most controversial stablecoin, Tether Limited launched a new digital asset. Ticked XAUt is the new token that represents one troy fine ounce of gold on the London Good Delivery bar. All of the holders of the new stablecoin will be able to obtain undivided ownership rights to the gold of the previously mentioned gold bars. The gold that gets allocated will be identifiable with a special serial number, purity, and weight as per the announcement, and the XAUt holders will also be allowed to check the details of the gold bars that were associated with the addresses over their website at any given time.

The XAUt token will also be available as an ERC-20 token on the Ethereum network and as a TRC20 token on the TRON blockchain. The idea of owning a gold-backed token could sound really interesting but the barrier to entry for XAUt seems a little too high. If you want to purchase Tether Gold, you would have to get a verified account with the company that is behind the token or TG Commodities Limited. There’s a minimum purchase amount that is equal to 50 XAUt which is about 50 fine troy ounces.
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By comparing to the recent price, this reaches up to $75,000. The users will also be able to purchase it only with US dollars. There’s no custody fee but all of the owners will have to incur a one-time25 basis point fee when the first purchase the token from the community.

Looking further, if a user wants to redeem the tokens for the physical gold, he has to have at least one full bar of gold worth of tokens just to request the redemption but if he doesn’t have enough tokens, the company says they will usually request a deposit of 430 tokens in order to ensure that a full bar of gold is matched. In regards of trading, the announcement states that the tokens will be tradeable on exchanges and can be fractioned down to small portions that the exchange will permit.