cryptocurrency one of the largest companies in the industry Tether, Tether Gold has officially launched Alloy by Tether, a new asset backed by .
According to the official blog post, Alloy by Tether aims to redefine stability in the digital economy by combining the benefits of a stable economic unit with the security and reliability of gold.
Alloy by Tether introduces a new category of digital assets known as pegged assets.
The first token in the Alloy by Tether series will be aUSD₮, a digital currency designed to track the value of one US dollar. The thing about aUSD₮ is that it is over-collateralized by Tether Gold (XAU₮), meaning it is allegedly backed by real physical gold stored in Switzerland, according to the official blog post.
Users, as collateral Tether Gold (XAU₮) using aUSD₮ will be able to create tokens.
Currently, Alloy by Tether smart contracts are used on Ethereum Mainnet. Users can mint aUSD₮ by depositing Tether Gold (XAU₮) as collateral through a process managed by Ethereum-compatible smart contracts.
Tether CEO Paolo Ardoino expressed his excitement about the launch and said:
“We are excited to announce the launch of Alloy by Tether, offering a digital asset class backed by gold and tied to a reference fiat currency. While the stabilization mechanism differs from traditional options like USD₮, this innovative solution marks an exciting milestone and we look forward to seeing how it will interact with the rest of the market. Moreover, we plan to make this innovative technology available in our upcoming digital asset tokenization platform.”
*This is not investment advice.
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