Tether, the company that backs USDT, the world’s largest stablecoin, has renewed its commitment to the Tether Gold:XAUt cryptocurrency with the premise of returning to the monetary system based on the gold standard, which was abandoned in the early 1970s.
According to the company, the XAUt token, which would be backed by physical gold stored in a vault in Switzerland, represents a new approach to digital gold. The issuer states that its intention is not to compete with Bitcoin, but with the US dollar because it is the best stablecoin.
Divisible and Tradable Digital “Gold”
XAUt was launched in January 2020. According to its white paper, each token is equivalent to one troy ounce of a London Good Delivery gold bar. Unlike physical gold, the stablecoin is divisible so users can choose the amount they want to buy or sell. The minimum amount supported for purchase or storage is 0.000001…
