[NEWS] Tether launches gold-backed US dollar-pegged stablecoin "aUSDT"

Tether, which issues the stablecoin USDT, whose value is pegged to the US dollar, announced on the 17th that it will officially release aUSDT, a stablecoin pegged to the US dollar.

aUSDT is a stablecoin whose price is pegged to the US dollar and is overcollateralized by Tether's gold-linked stablecoin, Tether Gold (XAUt). Alloy can be issued on Tether's newly launched stablecoin issuing platform, Alloy by Tether.

XAUt is a token whose value is backed by physical gold. At the time of writing, 1XAUt is trading at $2,330 (JPY 368,000).

Tether explained that Alloy by Tether is "designed to track the benchmark price of another asset through various stabilization mechanisms." He continued, "Alloy by Tether is a groundbreaking initiative that provides an opportunity to maintain exposure to gold while acquiring Tether assets for payments and everyday economic activities."

Alloy by Tether will be issued and managed by Moon Gold NA, S.A. DE C.V., a subsidiary of Tether regulated by the National Digital Assets Commission (CNAD) of El Salvador, and Moon Gold El Salvador, S.A. de C.V. Tether has also invested in bitcoin mining companies in El Salvador.

Tether CEO Paolo Ardoino explained, "Alloy by Tether will be part of a real-world asset tokenization platform that will be launched later this year."

Reference:Announcement
Image: Quote from announcement

Related articles

Tether releases USDT reserve report, increasing proportion of cash and cash equivalents

Nomura and GMO sign memorandum of understanding to issue stablecoins