Tether has launched a new stablecoin backed by physical gold reserves called Tether Gold (XAU₮), according to a press release published on January 23. One coin will be equal to one troy fine ounce of physical gold, currently worth approximately US$1,550. Tether Gold is available as a TRC20 token on the TRON blockchain as well as an ERC-20 token on the Ethereum blockchain.
As per the press release, the funds are said to be “safely held in a Switzerland vault;” however, the institution holding the reserves remains unclear, but Tether has assured investors that they have …
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