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Two blockchains, one gold- backed coin

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Tether Gold will be available both as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, the company said. Users can transfer the newly launched coin to any on-chain address from their Tether wallets.
The gold-backed cryptocurrency will be issued by TG Commodities Limited, a U.K.-based company dealing in the wholesale of metals and metal ores.
According to Tether, XAU₮ was launched as an answer to the growing demand for digital exposure to physical gold. Paolo Ardoino, the CTO at Tether, called the launch “a timely innovation in the crypto ecosystem.” He said:
“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.”
The Tether Gold website says that holders of XAU₮ will be able to redeem their tokens in the form of physical gold if they have completed the verification process mandated by TG Commodities Limited and hold a “required minimum number of XAU₮.”
However, the token isn’t aimed at the average retail investor. The minimum purchase allowed is 50 XAU₮ or 50 fine troy ounces, which cost around $75,000 at last month’s prices. Fractions of the coin, however, will be soon traded at Bitfinex.
Posted In: Tether, Bitfinex, Altcoins, Stablecoins
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