Tether, the first blockchain-enabled platform facilitating digital use of traditional currencies, today announced the launch of Tether Gold (XAU₮), a digital asset providing exposure to physical gold (XAU).
The XAU₮ token represents ownership of one troy fine ounce of physical gold on a specific gold bar. XAU₮, which is available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, can be transferred to any on-chain address from the purchasers’ Tether wallet.
Tether Gold (XAU₮) offers zero custody fees and has direct control over the physical gold storage, held in a Swiss vault, adopting best in class security and anti-threat measures.
“There is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem,” said Paolo Ardoino, CTO at Tether. “Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.”
XAU₮ is issued by TG Commodities Limited. Tether already supports stablecoins for the US dollar (USD₮), euro (EUR₮) and offshore Chinese yuan (CNH₮).