Tether (USDT), the stablecoin of choice for many out there, has just released a digital token that is backed by physical gold, according to a new post on the group’s website.
Called Tether Gold (Gold), this new currency is being offered by TG Commodities Limited. According to the website, what they consider a whole XAUt is equal to a troy fine ounce of gold. From there, users who hold a XAUt token can store the asset in their Tether wallet and trade it around as they see fit. Each XAUt will be represented by real gold, similar to how Tether is allegedly backed by a physical dollar.
Interestingly, a XAUt is based on the ERC-20 protocol on Ethereum, or as a TRC20 asset on the TRON blockchain. Also, users can look up the serial number of their gold bar whenever they’d like on the group’s look-up website.
It’s also worth noting that there are not any custody fees for those holding this asset. Instead, there is just “a one-time 25 basis point fee at the time you purchase an XAUt from TG Commodities Limited and certain additional fees on redemption.”
Also, holders can ask for a “redemption request” in physical gold assuming they pass an official verification process and have a minimum amount of XAUt required to do so.
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