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Tether introduced the Alloy cryptocurrency, backed by gold

June, 17 2024
watermark Economic news

Tether has announced the launch of a new digital asset called Alloy, which is backed by gold and pegged to the US dollar. 


This product was developed by Moon Gold NA and Moon Gold El Salvador, both part of the Tether Group, and combines the stability of gold with the benefits of digital currency.


Users can create  aUSDT tokens on the Ethereum network using Tether Gold as collateral. The Alloy platform also supports the creation of various linked assets, which expands their management capabilities.


Tether Gold (XAUT) is a stablecoin representing one troy ounce (31.1 grams) of gold on the Ethereum blockchain. The announcement emphasizes that Alloy aims to simplify gold transactions for institutions and integrate it into investment portfolios.


The new aUSDT is backed by real physical gold stored in Switzerland. The purpose of this new stablecoin is to provide a secure and stable digital asset pegged to the value of the US dollar, as well as backed by a tangible asset, providing an additional level of security and stability for users.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.