‘Like sats for Bitcoin’: Tether creates tiny gold unit as onchain demand grows
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The stablecoin issuer says its Scudo unit could make gold easier to transact digitally as prices surge and institutional demand accelerates.
Tether has introduced a new unit of account tied to its digital gold token, XAUT, in a move aimed at lowering barriers to fractional gold ownership at a time when institutional investors and central banks are accumulating the precious metal at record levels.
On Tuesday, the stablecoin issuer unveiled Scudo, a unit of account representing one-thousandth of a troy ounce of gold.
Each Scudo corresponds to 1/1,000 of an XAUT token, Tether’s gold-backed asset. XAUT is supported by more than 1,300 gold bars held in custody and currently has a market capitalization of roughly $2.3 billion, according to Tether.
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