Tether Unveils New Version of Itself Backed By Gold
After first announcing it back in November, Tether has released Tether Gold (XAUT), a new version of the popular cryptocurrency built atop the Ethereum blockchain. The coin is backed by physical gold, and thus qualifies as a stable currency in that it is tied to something that’s known to retain its value during times of economic strife.
According to a press release, the currency will feature zero-fee trading, and users who purchase the token will also garner full control over the gold stored away in Switzerland that’s backing the currency. What’s special about stable currencies is that while they are indeed examples of digital tokens like bitcoin (BTC), bitcoin cash (BCH) and Litecoin (LTC), they are typically tied to fiat currencies or assets like the euro, the yen, the yuan or precious metals as a means of keeping them “stable” in the digital economy.
