Tether Touts Gold Standard Stablecoin XAUT to Beat Inflation

Tether, the world's largest stablecoin issuer, is pushing a way to store value and beat fiat inflation with a gold-backed stablecoin called XAUT. The stablecoin offering from the company is a digital token backed by physical gold.

Timeline of Tether

Tether says its Euro based stablecoin Euro Tether (EUR₮) and Tether Gold (XAU₮) will soon trade on XT.com. XT.COM Exchange is described as a “social-infused cryptocurrency exchange.

Tether has recently inked a Memorandum of Understanding (MOU) with the Government of Georgia which will position Georgia as a central nucleus for blockchain and peer-to-peer technology. Paolo Ardoino, Tether's visionary Chief Technology Officer, expressed his enthusiasm for the alliance with the Government of Georgia, underscoring the shared ambition of cultivating a thriving environment for peer-to-peer technology.

Tether, the company behind the USDT stablecoin, has signed a memorandum of understanding (MOU) with the government of Georgia. The collaboration aims to establish the former Soviet republic as a hub for peer-to-peer and blockchain technology.

It's official: Tether takes another step forward on advancing crypto adoption, recently signing a Memorandum of Understanding (MOU) with the government of Georgia to develop a blockchain, Bitcoin, and peer-to-peer infrastructure to promote innovation.

Stablecoin issuer Tether (CRYPTO: USDT) has forged an alliance with the Government of Georgia, aimed at establishing the country as a nexus for blockchain and peer-to-peer technologies, which is expected to spur innovation and economic expansion. Tether and the Georgian government are concentrated on nurturing a start-up ecosystem by accentuating Georgia's congenial business environment and quality of life and through this emphasis, they intend to draw global investments and catalyze the growth of avant-garde start-ups in the blockchain domain.

Tether has signed a Memorandum of Understanding (MOU) with the Government of Georgia, as reported by the firm on June 28. The “strategic collaboration” is part of a broader vision to position Georgia as a “central hub for peer-to-peer and blockchain technology,” intended to bring about innovation and economic growth in the region.

One of the most prominent trends in the digital asset space over the last year has been an evaporation of liquidity. On the one hand, price charts may suggest that the picture for crypto is far rosier today than it was in November, when Bitcoin hit $15,500 in the aftermath of the FTX collapse.

Russian citizens sought refuge in tether amid the brief mutiny of the Wagner mercenary group that shook their country. The ruble-denominated trading volume of the U.S. dollar-pegged stablecoin spiked during the short-lived rebellion, market data revealed.

The Wagner Group's revolt caused a heightened state political-economic uncertainty which may have forced many to buy into other assets. Tether's USDT represents one of the easiest routes especially after the sanctions imposed on Russia.

The trade volume between the Russian ruble and Tether (CRYPTO: USDT) saw a significant increase over the weekend, nearly quadrupling from $4 million Saturday to $15 million Sunday, as per data from crypto analytics firm CCData. What Happened: This surge coincided with the capture of the southern Russian city of Rostov-on-Don by Yevgeny Prigozhin, the head of the Wagner mercenary group, and his forces' subsequent advance toward Moscow, seemingly in an attempt to overthrow Russian President Vladimir Putin.