Tether launches Tether Gold (XAU₮) Stablecoin backed by Physical Gold

The stablecoin leader, Tether, introduced Tether Gold, their Gold Backed stablecoin.

ISO 4217 is a standard that assigns code to precious metals starting with X, e.g. for gold (XAU), silver (XAG), palladium (XPD), and platinum (XPT), etc.

Tether in the announcement claimed that Tether Gold (XAU₮) will be pegged to physical gold (XAU). TG Commodities Limited, a UK-licensed firm, is offering Tether Gold (Gold). The company specializes in a wide range of precious metals.

Tether Management Opinion

Tether management in a blog post noted, "Furthermore, Tether Gold (XAU₮) is the only product among the competition that offers zero custody fees and has direct control over the physical gold storage, safely held in a Switzerland vault, adopting best in class security and anti-threat measures. Today, Tether Gold (XAU₮) is the best way to hold Gold."

Details on Tether Gold (XAU₮)

Every single XAU₮ token identifies the ownership of one troy fine ounce of physical gold on a London Good Delivery bar. Specific gold bar(s) will be associated with each on-chain address where Tether Gold is held, notes the Tether Gold website.   

XAU₮ token is available as an ERC-20 token on the Ethereum blockchain. The same XAU₮ token is also made available as a TRC20 token on the TRON blockchain.

According to the Ethereum contract address, 3,990.225 XAU₮ are available. Bitfinex crypto exchange has listed Tether Gold (XAU₮) starting 24th January 2020.