Technological innovation enables trading of ownership in gold, through a gold-backed stablecoin, 24 hours a day, seven days a week
ROAD TOWN, British Virgin Islands, March 31, 2020, 9:00 AM UTC – Tether Gold (XAU₮), a digital asset providing ownership of physical gold (XAU) custodied in Switzerland, is being used as a means of obtaining around-the-clock exposure to the precious metal in an emerging alternative market.
Spearheading a disruptive movement of digital assets, XAU₮ is a trusted, liquid and accessible means of obtaining exposure to gold. XAU₮ is available for purchase or sale 24 hours a day, seven days a week on the Bitfinex platform, via pairs Tether Gold/US Dollar (XAUt/USD) and Tether Gold/Tether (XAUt/USDt).
XAU₮’s, which currently has a market capitalisation of approximately $50 million, is the world’s biggest gold-backed stable coin, far surpassing that of its nearest rivals. As demand for gold soars after the recent announcement of unlimited stimulus by the US Federal Reserve. Investors are seeking out a variety of safe havens amid unprecedented market turmoil in the wake of the coronavirus.
“People like owning gold through Tether Gold because of the control and accessibility that Tether Gold offers,” said Paolo Ardoino, CTO at Tether. “As a blockchain-based token that enables you to hold gold without annual fees Tether Gold will grow from strength to strength. Tether Gold will undoubtedly establish itself as the dominant digital token representing gold ownership.”
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. XAUt removes a great deal of friction and cost associated with owning gold. While the underlying physical gold will remain in the custodian’s vaults, XAUt 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: https://gold.tether.to/
This press release is not an offer to sell or the solicitation of an offer to buy XAU₮. TG Commodities Limited will only sell or redeem XAU₮ pursuant to its terms of sale and service available (as of the date of this press release) at gold.tether.to/legal.
Certain statements in this press release may be forward looking in nature. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. Neither TG Commodities Limited nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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