Tether Gold is a specialized digital currency, similar to Bitcoin and Ripple, launched by the Tether Foundation. This unique currency has many advantages and has attracted the attention of crypto users. Tether Gold cryptocurrency value with price An ounce of gold equals and is considered a stablecoin like Tether. This means that like the price of Tether, which is always fixed and equal to 1 dollar, the price of Tether Gold is always equal to one ounce of gold.
Gold is one of the valuable assets with a long history that has many fans. But buying it brings many problems such as high cost of transportation and maintenance. Tether Gold digital currency, backed by Tether and gold, aims to provide the general public with the necessary conditions for easy purchase and maintenance. In this article from Wallex blog, we are going to check what Tether Gold is and how it works. Therefore, if you want to fully familiarize yourself with this cryptocurrency, we invite you to continue with us.
What is Tether Gold?
In this section, we want to check what Tether Gold is and what are its goals? Tether is known as the company behind the USDT stablecoin. It is a type of digital asset that has created another valuable asset called Tether Gold. This currency with the symbol XAUT It is introduced and is currently ranked 210th cryptocurrency. Tether Gold digital currency is a unique gold-backed asset and is known as a powerful stablecoin.
The price of Tether Gold is equal to the price of one ounce of gold. This currency has made it easier for the public to invest in gold. People who buy XAUT cryptocurrency will have access to its unique benefits. Its owners can own gold and save themselves from troubles such as high costs of gold storage, keeping gold safe and limited access to it.
History of Tether Gold cryptocurrency
The Tether Gold project was launched in January 2020. This project by the CEO of Tether, Jean Walder (Ludovicus van der Velde) is led. The foundation of Tether Gold was published on January 20, 2020, under the title of white paper. This currency is the best way to store gold and allows you to protect your assets in critical situations.
Who are the founders of Tether Gold cryptocurrency?
Tether Gold network in cooperation Tether Operations Limited It is set up. Although the tokens of this platform are created by a real person, the partners and the development team are the same. This project by Jl Van Der Velde who works as a CEO at Tether, is led by Its purpose is to help remove the obstacles that prevent people from entering the gold market.
Velde is a professional and experienced expert who has been active in the world of cryptocurrencies and blockchain technology for a long time. He graduated from National Taiwan University and started working immediately. Velde first worked in several startups before being appointed CEO at Amos Ltd.4. After one year, he continued his activity by establishing a powerful company in the field of technology development called Tuxia GmbH.
How does Tether Gold work?
To understand how Tether Gold works, we use the information published in a blog post on the Tether website. As this article claims, the XAUT cryptocurrency is backed by stored gold. These golds are kept in a safe warehouse in Switzerland. This token on networks Ethereum And Theron it was made. According to the company: Tether Gold cryptocurrency as a token ERC-20 On the Ethereum blockchain and as a token TRC-20 It is available on the Tron blockchain. Buyers can transfer currency from their wallet to other addresses.
The post also states that XAUT directly monitors physical gold storage. These golds are kept in a safe environment with the best security and anti-threat measures. Tether Gold is considered a unique product that offers low maintenance fees among other stablecoins. Considering these conditions, it can be said that Tether Gold is the best way to buy and store gold.
Note: Stablecoin Tether has been criticized before because of its auditability. According to the claim, only 74% of Tether stablecoin is backed by USD. But the XAUT stablecoin is fully backed by gold.
Why do we need Tether Gold?
Currently, most active users in the field of cryptocurrency use stable coins backed by dollars. But these conditions are not always stable and the dollar may face a financial crisis in the future. This will cause users to turn to stablecoins backed by gold. Naturally, having a digital currency supported by this precious metal is a good option to avoid economic crisis.
Imagine when the economic crisis occurs; In such a situation, the dollar loses its value and is not a suitable option for users. Stablecoin can be used to escape the economic crisis. Tether is one of these options that always has a fixed price.
Similarly, precious metals such as gold, which have a history of more than five thousand years, will also retain their value. It is possible that the value of such assets may increase in the mentioned conditions. Therefore, using Tether Gold in times of crisis will be the best option for users; By using it, they can prevent the decrease in the value of their assets.
What are the most important uses of Tether Gold?
In order to better understand the use cases of Tether Gold, we can take help from the details of its white paper. Tether Gold cryptocurrency is a unique token and its value is equal to one ounce of real gold. People who invest in this currency will have exclusive rights to own and keep gold. These currencies can be identified according to the gold serial number, gold weight and purity.
Tether Gold holders can confirm the details of the Golden Shams they are transferring at any time and under any circumstances. In addition, they can exchange their tokens for other digital currencies. For example you can exchange XAUT tokens for DAI currencies. Be careful that the exchanges give you the opportunity to earn profit from the transactions.
What are the benefits of Tether Gold?
In this section, we will take a detailed look at the benefits of XAUT to have a complete understanding of it.
- Tether Gold is a currency based on Ethereum blockchain and users can transfer it to different addresses.
- Tether Gold holders own the pure physical gold and can identify its details using its serial number.
- It is a safe and secure investment that saves investors from hassles such as high maintenance costs and moving gold.
- XAUT holders can redeem their tokens for real things by going through the verification process.
- Tether Gold has high security and will help investors in times of crisis.
Tether Gold digital currency wallets
Tether Gold is one of the new and unique currencies of the crypto world, which is made with the backing of gold. Many valid wallets support this currency. This shows the strength and validity of XAUT cryptocurrency. If you know Tether Gold wallets better, you can keep your assets in a safe place.
In general, the best Tether Gold cryptocurrency wallets are:
- MetaMask
- Ledger wallet
- Coinbase Wallet
- FreeWallet
- Trust Wallet
- Atomic Wallet
Comparison between Tether Gold and PAX Gold
Tether Gold and Pax Gold are two examples of gold-backed stablecoins that are very popular. Each of these currencies has its own characteristics and advantages, allowing investors to invest in gold. Pax Gold and Tether Gold provide users with the necessary conditions to buy and store gold without any hassle. But what is the most important difference between the two? Which one will have a better future?
XAUT is a new digital currency that has long-term goals. Tether Gold currently lags behind its gold-backed competitors. One of the main competitors of this currency is Pax Gold, which is very popular among Crypto Dine project users, has a better condition than Tether Gold and is more popular. Terry has But Tether Gold is a relatively new currency that is pegged to the British pound and aims to become the main pole among stablecoins.
Meanwhile, XAUT is currently trading at $23.785. This currency has a market cap of 434 million dollars and is ranked 210th crypto. But Pax Gold is traded at the price of 26.7807 dollars and currently it has assigned itself the 70th market rank. This popular currency has a market cap of 482 million dollars and its daily trading volume is 11 million dollars.
In the future, which one will be more popular or better than the other, the passage of time and the level of investor support for the currency will prove.
What is the future of Tether Gold digital currency?
Now that you know what Tether Gold digital currency is and what its advantages are, you can decide to invest in this currency. For this, it is better to have enough information about the future of the Tether Gold cryptocurrency and its goals. The future of XAUT digital currency depends on the level of support of investors and the realization of the goals of this project. Due to the emergence of economic crisis for countries and struggling with economic problems, it is expected that the value of gold will increase. So, if you want to invest in this product without the hassle of transporting and storing gold, Tether Gold will be the best option for you.
What do you think about investing in stablecoins? How much can be trusted in their future?
What is Tether Gold? Introduction of Tether Gold digital currency for the first time on Wallex blog. appeared.
