Tether Unveils New Cryptocurrency Backed by Gold
Tether, a major player in the cryptocurrency industry, has officially launched Alloy by Tether, a new digital asset backed by Tether Gold. This project aims to redefine stability in the digital economy by combining the benefits of a stable economic unit with the security and reliability of gold.
Alloy by Tether introduces a new category of digital assets called pegged assets. The first token in this series is aUSD₮, a digital currency designed to mirror the value of one US dollar. This token is over-collateralized by Tether Gold (XAU₮), supposedly backed by physical gold stored in Switzerland.
Users can create aUSD₮ tokens by using Tether Gold (XAU₮) as collateral. The smart contracts for Alloy by Tether are currently operational on the Ethereum Mainnet, allowing users to mint aUSD₮ by depositing Tether Gold (XAU₮) through Ethereum-compatible smart contracts.
Tether CEO Paolo Ardoino expressed his excitement about the launch, highlighting the innovative nature of this project and its potential to drive market recovery. The company plans to integrate this technology into their upcoming digital asset tokenization platform.
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