Tether Introduces New Gold-Backed Synthetic Dollar, “Alloy by Tether”
In a bold move to diversify its portfolio and reinforce its commitment to providing robust and stable financial products, Tether has launched a new synthetic dollar backed by gold. The announcement came on June 17, 2024, revealing that the new synthetic asset, Alloy by Tether—trading as aUSD₮ via smart contracts on the Ethereum Mainnet blockchain and created on Tether’s new platform, Alloy—will be pegged to the value of Tether Gold (XAU₮), a token that tracks the value of gold.
Alloy by Tether is an open platform that allows the creation of collateralized synthetic digital assets, developed by Moon Gold NA, S.A. de C.V. and Moon Gold El Salvador, S.A. de C.V., the duo being members of the Tether Group.
What Sets aUSD₮ by Tether Apart?
The introduction of aUSD₮ by Tether is a significant development in the cryptocurrency world, as it combines the stability of traditional fiat currencies with the enduring value of gold.
The aUSD₮ being over-collateralized by XAU₮—which means it’s backed by physical gold stored in Switzerland—and with a market capitalization of about $573 million, this interesting aUSD₮ XAU₮ duet is aimed at users who want to make transactions, payments, and remittances with a currency similar to the US dollar without having to sell their gold-backed digital asset—the company’s press release reveals.
Read More: https://coinfomania.com/tether-introduces-new-gold-backed-synthetic-dollar-alloy-by-tether/
In a bold move to diversify its portfolio and reinforce its commitment to providing robust and stable financial products, Tether has launched a new synthetic dollar backed by gold. The announcement came on June 17, 2024, revealing that the new synthetic asset, Alloy by Tether—trading as aUSD₮ via smart contracts on the Ethereum Mainnet blockchain and created on Tether’s new platform, Alloy—will be pegged to the value of Tether Gold (XAU₮), a token that tracks the value of gold.
Alloy by Tether is an open platform that allows the creation of collateralized synthetic digital assets, developed by Moon Gold NA, S.A. de C.V. and Moon Gold El Salvador, S.A. de C.V., the duo being members of the Tether Group.
What Sets aUSD₮ by Tether Apart?
The introduction of aUSD₮ by Tether is a significant development in the cryptocurrency world, as it combines the stability of traditional fiat currencies with the enduring value of gold.
The aUSD₮ being over-collateralized by XAU₮—which means it’s backed by physical gold stored in Switzerland—and with a market capitalization of about $573 million, this interesting aUSD₮ XAU₮ duet is aimed at users who want to make transactions, payments, and remittances with a currency similar to the US dollar without having to sell their gold-backed digital asset—the company’s press release reveals.
Read More: https://coinfomania.com/tether-introduces-new-gold-backed-synthetic-dollar-alloy-by-tether/
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