Tether Gold

What is Tether Gold?

Tether, the company responsible for establishing the widely recognized USDT stablecoin, has introduced a new digital asset with stability: XAUT. This cryptocurrency, known as XAUT, is linked to the value of gold, serving as a convenient and accessible means to invest in this precious commodity.

Each unit of Tether Gold, referred to as XAUT, is equivalent to one troy fine ounce of gold. These units are backed by tangible London Good Delivery (LGD) standard bars, with each bar weighing 400 troy ounces as per LGD guidelines.

According to the Tether Gold website, XAUT holders can enjoy the combined benefits of both physical and digital assets. Owning XAUT tokens grants individuals ownership of gold without the associated downsides of possessing physical gold, such as high storage costs and limited accessibility.

Advantages of XAUT include its compatibility as an ERC-20 token, allowing for seamless movement on the Ethereum blockchain and straightforward transfers between different addresses.

The inclusion of a physical gold reserve to support this stablecoin also enhances its security. Throughout history, reserve-backed cryptocurrencies have demonstrated greater reliability compared to algorithm-based stablecoins like LUNA. This provides optimism that the value of XAUT can effectively maintain its price peg.

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Recent Video Interview

Main points of the interview:

• Tether's impact on remittances, e-commerce, and international payments.
• Outlines Tether's plans for Africa, focusing on infrastructure development and educational initiatives.
• Positions Tether Gold as a complement to Bitcoin, offering diversification and stability in investment portfolios.
• Tether Gold's role in providing a modern, accessible way for people to access the benefits of gold ownership.

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Tether Gold Team Background

In 2014, USDT, originally known as Realcoin, was introduced by a trio of individuals: Brock Pierce, Reeve Collins, and Craig Sellars.

Brock Pierce is a prominent entrepreneur with a track record of co-founding notable ventures within the cryptocurrency and entertainment sectors. Among his achievements, Pierce established the venture capital firm Blockchain Capital in 2013, which had garnered more than $80 million in funding by 2017. Additionally, he assumed the role of director at the Bitcoin Foundation in 2014, an organization dedicated to enhancing and promoting Bitcoin. Pierce was also involved in the creation of Block.one, the company responsible for EOS, one of the leading cryptocurrencies in the market.

Reeve Collins served as the CEO of Tether during its initial two-year period. Prior to this role, he had played a pivotal role in co-founding a series of prosperous companies, including the online advertising network Traffic Marketplace, the entertainment studio RedLever, and the gambling platform Pala Interactive. As of 2020, Collins has taken the helm at SmartMedia Technologies, a company specializing in marketing and advertising technology.

Beyond his involvement with Tether, Craig Sellars has been an integral part of the Omni Foundation for more than six years. The Omni Protocol developed by the foundation enables users to create and exchange smart-contract based assets and currencies atop the Bitcoin blockchain. Sellars has also contributed to various other cryptocurrency enterprises and organizations, including Bitfinex, Factom, Synereo, and the MaidSafe Foundation.

Tether Gold Project Development

Tether Gold continues to expand its market, being launched on many new exchanges including eNor Digital Assets, CoinW, Bitay Türkiye, Orionx, Bitci Türkiye...

Also, A Mosasaurus dinosaur skull was recently purchased in Dubai for approximately 139.99 XAUt (equivalent to around $270,000) through the POS terminal provided by ivendPay.