What Is Tether Gold
Tether Gold ( XAU₮) is a stablecoin backed by gold stored in a secure vault in Switzerland. It's a digital asset from TG Commodities Limited that represents one troy fine ounce of gold on a London Good Delivery bar.
Tether Gold is available on Ethereum and several other blockchains. This means that it can be used to issue smart contracts on the Ethereum and Tron blockchains.
Tether Gold combines the security of a digital asset with the stability of being pegged to physical gold. It appeals to investors who are interested in gold but don't want to deal with the hassles of high storage costs and limited accessibility. Investors can look up the address and receive a serial number of the physical gold bar that backs their token.
Tether, a market leader in crypto, has confirmed that it has the keys to its gold vaults in Switzerland.
The market cap of gold-backed crypto has grown exponentially in the past years.
Unique Features
Easy Access
Tether Gold ( XAUt) tokens are available as ERC-20 tokens on the Ethereum blockchain and can be accessed anytime worldwide.
Individual Allocation
Each XAUt represents ownership of one troy fine ounce of physical gold on a specific gold bar. Therefore, XAUt token holders will obtain undivided ownership rights to gold on the specified gold bar(s). The allocated gold has a unique serial number, purity, and weight. XAUt holders can check the details of the gold bars associated with their address on the Look-up website.
Easy Coin to Gold Swap
Holders of XAUt can make a redemption request in the form of physical gold if they have completed TG Commodities Limited’s verification process and hold the required minimum number of XAUt.
Tether Gold Founders
Tether Gold is a sub-product of Tether Limited. A spokesperson for Bitfinex and Tether has announced that the CEO of both firms is Paolo Ardoino.
According to Tether’s website, the El Salvador-based Tether is a fully owned subsidiary of Tether Holdings Limited. Tether Limited is the leading stablecoin producer in the cryptoverse, poised to solve the problem of high volatility usually associated with regular cryptocurrencies like Bitcoin and Ethereum. Stablecoins are cryptocurrencies whose price is pegged to the value of either another cryptocurrency, fiat money, or exchange traded commodity.
According to a Press release by Tether’s CTO Paolo Arduino, Tether Gold “represents ownership of one troy fine ounce of physical gold on a specific gold bar."
Tether gold (XAUt) is a digital asset offered by TG commodities limited, a London-based company dealing in Wholesale of metals and metal ores.
Parduman Kumar Gupta is the company's current Director, and Sanjeev Gupta owns 75% to 100% of the shares. Sanjeev Gupta is an Indian-born British businessman and the founder of Liberty House Group.
How Does Tether Gold Work
Tether gold is one of the two major gold-backed stablecoins in the cryptoverse. The details of gold bars associated with its token can be found on Tether's website. Each XAUt holder has a small piece of gold in storage, visible in the web portal provided. The holder can transfer the gold without traveling to Switzerland. Each transaction has a special serial number that can be used to confirm the weight and purity of gold.
The company describes Tether Gold ( XAUt) as “the only product among the competition that offers zero custody fees and has direct control over the physical gold storage, safely held in a Switzerland vault, adopting best-in-class security and anti-threat measures."
How to Buy Tether Gold
The Tether Gold ( XAUt ) token can be bought from established exchanges in the cryptoverse. You need to have a verified account with TG Commodities Limited to purchase it. This is mainly because every Tether Gold (XAU₮) token purchased is backed with one troy fine ounce gold bar in London by TG Commodities Limited.
The minimum purchase allowed is 50 Tether Gold (XAU₮) or 50 fine troy ounces.
Depending on the exchange being used, you can buy Tether Gold (XAUt) with either cryptocurrency or fiat money. An exchange that supports both cryptocurrency and fiat money is best suited for better flexibility.
Top crypto exchanges that support Tether Gold (XAUt) are Bitfinex, Bybit, KuCoin, Gate, and Kraken.
