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Tether adversifiers into traditional assets, launches gold-backed cryptocurrency

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Tether will be diversifying into traditional assets, as well. According to a press release shared with CryptoSlate, the company will be launching Tether Gold (XAU₮), a digital asset providing exposure to physical gold (XAU).
The XAU₮ token will represent ownership of one troy fine ounce of physical gold on a specific London Good Delivery gold bar. The company claims the token is the only gold-backed coin that guarantees direct control over the physical gold storage. All XAU₮ tokens will be stored in a vault in Switzerland, guarded with best in class security and anti-threat measures, it said in the announcement.
While no further information on which bank will store the gold bars was released, Tether said that it is the only product among the competition that offers zero custody fees. However, fees will be charged on buying and redeeming tokens.

Tether Gold will be available both as an ERC-20 token on
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