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Tether Gold (XAUT) is the 119th largest cryptocurrency in the world by market cap, valued at $486,565,070. The current price of Tether Gold is $1973.7, which is -0.331% lower than yesterday. Prices have ranged between $1994.13 and $1975.15 over the past 24 hours. All prices are listed in US dollars and accurate as of April 01, 2023 03:04 UTC.
Tether Gold, or XAUt, is a physical gold-backed stablecoin that was created by the same company behind the US dollar stablecoin, Tether (USDT). Each XAUt digital token represents ownership of one troy fine ounce of gold on a London Good Delivery gold bar.
Like USDT, which is backed by physical US dollars, each XAUt token is backed by physical gold, which is stored in vaults situated within Switzerland. The subsidiary of Tether, TG Commodities, developed the token to combine the safe-haven and stable properties of physical gold with the enhanced speed and efficiency of cryptocurrency.
According to Tether Gold’s whitepaper, each token is assigned to a specific physical gold bar which is identifiable with a unique serial number, weight, and purity level. This information can be checked online using a wallet address. The token was developed using the ERC-20 token standard and runs on the Ethereum blockchain. Due to the enhanced capabilities of the blockchain, each XAUt token can be fractionalized by up to six decimal places. Investment in the token means that token holders can enjoy exposure to gold prices while maintaining enhanced portability and low storage costs, which would otherwise be particularly high for owning the precious metal. XAUt can be used at any time to redeem physical gold, however, a token holder must hold the equivalent of one gold bar worth of XAUt tokens for redemption to be accepted.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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