Tether Launches a Stablecoin Backed by Gold
Tether has introduced a new token creation platform on the Ethereum network called Alloy.
It allows users to generate tokens backed by Tether’s gold token, XAUT, which has a market value of $570 million and is backed by physical gold stored in Switzerland.
According to Paolo Ardoino, CEO of Tether, Alloy is an open platform that provides the opportunity to create collateralized synthetic digital assets.
In an “X” post, he announced that Alloy will soon be integrated into Tether’s upcoming tokenization platform, set to launch later this year.
Tether has also mentioned the possibility of offering yield-bearing products on the platform in the future. The first asset available on Alloy is aUSDT, a token that is pegged to the value of the US dollar.
To obtain aUSDT, investors can deposit XAUT as collateral.
