Tether Synthetic Dollar Backed By Gold To Launch On Ethereum
Key Points:
- Tether launches gold-backed synthetic dollar, aUSDT, on Ethereum Mainnet.
- aUSDT expands Tether’s offerings beyond its USDT stablecoin.
Tether synthetic dollar, a gold-backed token, was launched on the Ethereum Mainnet. It expands Tether’s offerings beyond its USDT stablecoin and caters to users wishing to transact without selling gold-backed digital assets.
Tether recently announced launching a new synthetic dollar backed by gold. Representing aUSDT, the token is trading on the Ethereum Mainnet blockchain. Users can mint the token by over-collateralizing deposits of another Tether token following the value of gold.
Tether Synthetic Dollar: A New Gold-Backed Token
This offering further underlines Tether’s aspiration to branch out from its flagship USDT stablecoin, pegged to the U.S. dollar and carrying a market capitalization of $112.5 billion. The value of the USDT stablecoin is pegged and fully backed by reserves in the form of U.S. Treasury bills and other securities and investments.
Moon Gold NA S.A. de C.V. and Moon Gold El Salvador S.A. de C.V., both members of the Tether Group, jointly created Alloy by Tether, the platform on which the token was developed. The platform is designed to be an open platform for creating other tethered assets, potentially including yield-bearing products.
Tether described Alloy by Tether as a groundbreaking addition to the digital assets space, introducing tethered assets designed to track reference assets’ prices. This is achieved using strategies such as over-collateralization with liquid assets and secondary market liquidity pools.
Readmore: ZK Airdrop Holder Statistics Reveal Surprising Trends: 42% Choose To Hold
Tether’s Success Amid Regulatory Scrutiny
Tether Gold, backed by physical gold stored in Switzerland, has a market capitalization of about $573 million. The new aUSDT currency caters to users who wish to transact, make payments, and send remittances using a currency similar to the US dollar without selling their gold-backed digital assets.
Tether has had good revenues from its USDT stablecoin, and especially with the current high interest-rate environment, it moved up as high as $4.5 billion in profit in the first quarter.
Despite regulators’ scrutiny over the nature of assets underpinning stablecoins like USDT and their liquidity, Tether’s USDT has been able to track the dollar one-for-one without any critical depegs through recent years.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Author
News
Tether Synthetic Dollar Backed By Gold To Launch On Ethereum
Key Points:
- Tether launches gold-backed synthetic dollar, aUSDT, on Ethereum Mainnet.
- aUSDT expands Tether’s offerings beyond its USDT stablecoin.
Tether synthetic dollar, a gold-backed token, was launched on the Ethereum Mainnet. It expands Tether’s offerings beyond its USDT stablecoin and caters to users wishing to transact without selling gold-backed digital assets.
Tether recently announced launching a new synthetic dollar backed by gold. Representing aUSDT, the token is trading on the Ethereum Mainnet blockchain. Users can mint the token by over-collateralizing deposits of another Tether token following the value of gold.
Tether Synthetic Dollar: A New Gold-Backed Token
This offering further underlines Tether’s aspiration to branch out from its flagship USDT stablecoin, pegged to the U.S. dollar and carrying a market capitalization of $112.5 billion. The value of the USDT stablecoin is pegged and fully backed by reserves in the form of U.S. Treasury bills and other securities and investments.
Moon Gold NA S.A. de C.V. and Moon Gold El Salvador S.A. de C.V., both members of the Tether Group, jointly created Alloy by Tether, the platform on which the token was developed. The platform is designed to be an open platform for creating other tethered assets, potentially including yield-bearing products.
Tether described Alloy by Tether as a groundbreaking addition to the digital assets space, introducing tethered assets designed to track reference assets’ prices. This is achieved using strategies such as over-collateralization with liquid assets and secondary market liquidity pools.
Readmore: ZK Airdrop Holder Statistics Reveal Surprising Trends: 42% Choose To Hold
Tether’s Success Amid Regulatory Scrutiny
Tether Gold, backed by physical gold stored in Switzerland, has a market capitalization of about $573 million. The new aUSDT currency caters to users who wish to transact, make payments, and send remittances using a currency similar to the US dollar without selling their gold-backed digital assets.
Tether has had good revenues from its USDT stablecoin, and especially with the current high interest-rate environment, it moved up as high as $4.5 billion in profit in the first quarter.
Despite regulators’ scrutiny over the nature of assets underpinning stablecoins like USDT and their liquidity, Tether’s USDT has been able to track the dollar one-for-one without any critical depegs through recent years.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Other Posts
Related Posts
Latest
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
Press Release
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
