{"id":4974,"date":"2020-01-23T23:29:06","date_gmt":"2020-01-23T22:29:06","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4974"},"modified":"2020-01-30T18:51:18","modified_gmt":"2020-01-30T17:51:18","slug":"tether-launches-gold-backed-digital-token","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/01\/23\/tether-launches-gold-backed-digital-token\/","title":{"rendered":"Tether launches gold-backed digital token"},"content":{"rendered":"

Tether, the stablecoin issuer<\/a>, is expanding its product range with the launch of a new digital token representing a troy ounce of gold.<\/p>\n

The token, called Tether Gold (XAUT), will be issued by a London-based commodities dealer called TG Commodities Limited.<\/p>\n

On its website, Tether says one XAUT token will represent one troy ounce of gold on a London Good Delivery bar (a standard unit for the wholesale trading of gold, representing around 400 troy ounces). A troy ounce of gold is currently worth around $1563.<\/p>\n

Tether, which advertises itself as offering \u2018stable digital cash on the blockchain\u2019, currently issues tokens backed by assets denominated in the US dollar, euro and Chinese yuan (renminbi).<\/p>\n

The firm is facing allegations of fraud<\/a> in the\u00a0New York state courts, where the New York Attorney General has provided evidence that Tether\u2019s high-profile US dollar token is less than fully backed by dollar reserves.<\/p>\n

Tether has also been accused in recent class action lawsuits<\/a> of having conspired with Bitfinex, a cryptocurrency exchange whose owners are believed to co-own Tether, to manipulate the price of bitcoin.<\/p>\n

Market participants wishing to buy Tether Gold directly from the issuer, TG Commodities Limited, will have to do so in a minimum lot of 50 tokens (representing around $78,000 worth of told). Such purchases will incur a 25 basis point fee.<\/p>\n

To redeem XAUT for gold, sellers will need to deposit at least 430 tokens with TG Commodities Limited, pay a fee of 25 basis points and the costs for the secure delivery of the gold.<\/p>\n

Tether says it will not levy a custody fee on XAUT holders.<\/p>\n

According to Tether\u2019s website, retail investors will be able to trade XAUT on Bitfinex and RenRenbit, a Chinese firm which advertises itself as a crypto bank.<\/p>\n

\u201cI expect the demand for gold and the new digital gold of Bitcoin to grow and grow\u201d<\/p><\/blockquote>\n

In a press release, Tether said that Tether Gold is the best way to hold gold.<\/p>\n

\u201cThere is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem,\u201d said Paolo Ardoino, CTO at Tether.<\/p>\n

\u201cTether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.\u201d<\/p>\n

\u201cBitcoin has never existed during a financial crisis and its emergence as a store of value is growing,\u201d Ardoino said.<\/p>\n

\u201cIn the event of an economic or financial crisis, I expect the demand for gold and the new digital gold of Bitcoin to grow and grow.\u201d<\/p>\n

Tether\u2019s entry into the gold token market follows the launch late last year of DGLD<\/a>, a digital asset representing allocated physical gold stored in a Swiss vault.<\/p>\n

The consortium issuing DGLD consisted of CoinShares, a London-based digital asset manager, MKS SA, a Swiss precious metals firm, and Blockchain, a provider of wallets, trading and research for cryptocurrencies and other digital assets.<\/p>\n

While XAUT has no custody fee but charges creation and redemption fees, DGLD charges a 1 percent annual management fee, a transaction fee for each transfer of the token and a redemption fee for anyone wanting to take physical delivery of the precious metal. DGLD told New Money Review<\/em> its gold holdings are insured against theft or loss.<\/p>\n

And there\u2019s also a difference in the mechanisms used to record token ownership: XAUT tokens are issued on the ethereum and TRON blockchains, but DGLD\u2019s ownership records are linked to the bitcoin blockchain.<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Tether, the stablecoin issuer, is expanding its product range with the launch of a new digital token representing a troy ounce of gold. The token, called Tether Gold (XAUT), will […]<\/p>\n","protected":false},"author":4,"featured_media":4973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1011],"tags":[1138,1573,1636,1634,1635],"class_list":{"0":"post-4974","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-value","10":"tag-coinshares","11":"tag-dgld","12":"tag-paolo-ardoino","13":"tag-tether-gold","14":"tag-xaut"},"yoast_head":"\nTether launches gold-backed digital token - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/01\/23\/tether-launches-gold-backed-digital-token\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether launches gold-backed digital token - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Tether, the stablecoin issuer, is expanding its product range with the launch of a new digital token representing a troy ounce of gold. 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