TETHER, a company of several major cryptocurrencies, including USDT, announced on Wednesday that it has $ 770 million in a physical gold dump that supports the Tether Gold (XAUT) Starbble Lecomin on Wednesday.
Launched in 2020, XAUT is a digital asset fixed at a physical gold price of 1 ounce.
According to the new press release, each token represents the direct ownership of the gold bar held by the security Swiss safe.
Paolo Ardoino, CEO of Tether, says.
“Tether Gold shows the intensity and elasticity of gold as a repository of value, especially during economic uncertainty.
The XAUT provides users with the ability to access the physical gold security in digital form. It is part of a wide range of promises to build a financial tool that combines the best of traditional assets with the efficiency of blockchain technology. ”
This disclosure occurs in a continuous survey of Stablecoin preliminary transparency throughout the cryptocurrency industry.
The company added that a third -party manager can regularly appreciate gold reserves and match the number of cycles of XAUT tokens.
Tether cited security issues and did not disclose specific details of the location of the safe.
Last month, TETHER hired a new chief financial officer (CFO) to complete a complete audit.
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Created image: Midjourney