Tether Unveils XAUT: Tokenized Gold Standard for the Digital Era - Investor Bites

Tether Unveils XAUT: Tokenized Gold Standard for the Digital Era – Investor Bites

Time Stamp: July 6, 2023 9:12 AM
Tether Unveils XAUT: Tokenized Gold Standard for the Digital Era - Investor Bites PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • XAUT represents one ounce of physical gold stored in Switzerland and has gained a market cap of around $500 million.
  • Global exchanges and banks are supporting XAUT trading, recognizing gold’s enduring value as an inflation hedge.
  • Seasoned Bitcoin investors prefer trading Bitcoin against XAUT, highlighting its reliability as a trading pair.

Tether’s CTO, Paolo Ardoino, has announced the launch of Tether Gold ($XAUT), a tokenized Gold Standard that aims to simplify gold ownership and compete with fiat currencies. With XAUT, individuals can take their first steps towards embracing the new digital paradigm while relying on the familiar concept of gold as a store of wealth and means of exchange.

XAUT is a initiative, backed 100% by physical gold stored in Switzerland. Each XAUT token represents one ounce of gold and can be redeemed for physical gold bars in Switzerland. Its recent market cap has reached approximately $500 million, demonstrating growing interest in this novel approach.

Moreover, several global exchanges have begun supporting XAUT trading, further solidifying its position as a credible alternative to fiat money. In response to this demand, various banks are also considering enabling customers to purchase and hold XAUT as an inflation hedge. This development signifies the increasing recognition of gold’s enduring value in turbulent economic times.

Additionally, Tether’s XAUT has caught the attention of seasoned Bitcoin investors. They prefer trading Bitcoin against XAUT rather than the traditional USD, highlighting the token’s potential as a reliable trading pair.

While Bitcoin remains unparalleled as the best currency ever created, Tether acknowledges that not everyone is currently ready to embrace its complexities. Therefore, XAUT serves as a bridge, allowing communities worldwide to transition from fiat money to the new digital era more easily.

By reintroducing the gold standard in a modernized form, Tether aims to combine the advantages of gold, such as its limited supply and difficulty of extraction, with the convenience of digital tokens. This innovative approach aligns with Tether’s long-term mission to educate individuals about Bitcoin and drive the global adoption of cryptocurrencies.

As Tether continues to facilitate the transition towards a more decentralized financial system, XAUT offers a tangible and culturally familiar stepping stone for individuals seeking refuge from the uncertainties of fiat currencies.

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