ROAD TOWN, British Virgin Islands, May 4, 2020, 9:00 AM UTC – Tether Gold (XAU₮), a digital asset providing ownership of physical gold (XAU) custodied in Switzerland, is now available on Celsius Network, the industry-leading cryptocurrency interest-earning platform and mobile app.
Celsius Network’s decision to support XAU₮ will give holders the monumental opportunity of being able to earn a positive yield on holding the world’s oldest store of value. Each XAU₮ token is backed by one fine troy ounce of gold on a physical bar of gold held in a vault in Switzerland. XAU₮ holders will be able to deposit their holdings to the Celsius wallet and earn up to 3 per cent APY from Celsius Network.
“Tether Gold’s addition to Celsius’s market-leading platform is a great endorsement of Tether Gold, and will enable our growing customer base to earn interest on their holdings from Celsius,” said Paolo Ardoino, CTO at Tether. “In these times of economic uncertainty and seemingly endless quantitative easing, we are seeing growing demand for Tether Gold. We anticipate a ready appetite for holding Tether Gold on such a rewarding and innovative platform.”
XAU₮, which currently has a market capitalization of about $84 million, is the world’s biggest gold-backed stablecoin, far surpassing that of its nearest rivals. XAU₮ combines the best of three distinct worlds: ownership of gold which is intended to provide direct exposure to the price of gold, the ease of accessibility of traditional assets such as Exchange Traded Funds (ETFs), and the transactional utility of a digital token. XAU₮ removes a great deal of friction and cost associated with owning gold. While the underlying physical gold will remain in the custodian’s vaults, XAU₮ will facilitate key economic qualities of gold – such as ownership and value – to flow seamlessly around the world.
About Tether Gold
XAU₮ is a digital asset offered by TG Commodities Limited. One XAU₮ token represents one troy fine ounce of gold on a London Good Delivery gold bar.
Holders of XAU₮ obtain the combined benefits of both physical and digital assets. XAU₮ token holders will be able to enjoy ownership of gold while avoiding drawbacks associated with physical gold, such as high storage costs, limited transferability and limited accessibility.
Today, Tether Gold (XAU₮) 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.
For more information on XAU₮, please visit: Tether Gold
Media Contact for Tether Gold:
Senior Public Relations Manager