Tether launches a gold-based coin: XAU
In the history of cryptocurrencies there was a time when various tokens backed by other assets were launched. The most common was to back it up in a currency fund, such as dollars or euros. There were also some rare ones, backed by assets such as assets. In this case a recent and unexpected case, being Tether with its gold-backed currency, XAU.
Equivalence
First of all, explain what tokens like Tether's with XAU consist of, being the equivalence of assets. We can use one of the most famous and controversial cases of the page, being the Petro of Venezuela.
Petro is the currency created by the country's Central Bank, stating that each currency is backed by barrels of oil. Implying that the value of the currency depends directly on the value of the barrel of oil. As stated, it is a 1: 1 ratio, thus eliminating the volatility of crypto, but they depend on the asset market.
This relationship is the one that Tether and gold seeks to raise, stating that the value of the currency depends on the precious metals market.
About XAU
Through a report from the official Tether website, they announced the birth and launch of XAU. The publication was titled "The launch of Tether Gold (XAU ₮) meets the growing demand for digital exposure to the world's most durable assets."
We are pleased to announce the incorporation of a new product, Tether Gold (XAU ₮), which provides the security of a digital asset linked to physical gold (XAU).
Based on a history of product innovation, each XAU ₮ token represents ownership of a troy ounce of physical gold in a specific gold bar. XAU ₮, which is available as an ERC-20 token in the Ethereum blockchain and as a TRC20 token in the TRON blockchain, can be transferred to any address in the chain from the buyer's Tether wallet.
Therefore, Tether Gold poses a relationship with gold, proposing a way for people to have control of physical gold.
Tether Gold (XAU ₮) is the only product among the competition that offers zero custody rates and has direct control over the physical storage of gold. Safely stored in a Swiss vault, adopting the best security and anti-threat measures. Today, Tether Gold (XAU ₮) is the best way to keep gold.
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Posted via Steemleo
Two limitations to the Tether Gold Token:
Multiple Redemption Options
Holders of XAUt can make a redemption request in the form of physical gold so long as holders have completed TG Commodities Limited’s verification process and hold the required minimum number of XAUt. The holder’s physical gold can be delivered to a location of their choice in Switzerland or the holder can request that TG Commodities Limited attempt to sell the gold and receive the cash proceeds from that sale (less TG Commodities Limited’s fees).
To receive gold, you must submit a minimum 430 token to receive a full LMBA Gold bar, Our bars of gold (like all LBMA bars of gold) vary in size and can be as big as 430 troy fine ounces.
Posted via Steemleo
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