Alloy introduces aUSD₮, a gold-backed token that is bound to the US currency.
Gold-backed alloy supported by the Tether coin.
Today, Tether unveiled its latest digital asset, “Alloy,” which is characterized by its backing in Tether Gold. The Tether Group’s Moon Gold NA and Moon Gold El Salvador developed the product, which combines the advantages of a digital currency with the stability of gold.
aUSD₮, the initial token, is over-collateralized by Tether Gold and anchored to the US dollar, thereby guaranteeing value stability. The Ethereum mainnet allows users to mint aUSD₮ using Tether Gold as collateral. The Alloy platform also enables the creation of a variety of tethered assets, thereby broadening the potential for asset management.
“”We are delighted to announce the launch of Alloy by Tether, a new category of digital assets that are supported by gold and tied to a reference fiat currency,” stated Paolo Ardoino, CEO of Tether. “Despite the fact that the stabilization mechanism is distinct from conventional alternatives such as USD₮, this innovative solution represents a significant milestone, and we are anxious to observe its interaction with the broader market. In addition, we intend to incorporate this cutting-edge technology into our forthcoming digital asset tokenization platform.””We are delighted to announce the launch of Alloy by Tether, a new category of digital assets that are supported by gold and tied to a reference fiat currency,” stated Paolo Ardoino, CEO of Tether. “Despite the fact that the stabilization mechanism is distinct from conventional alternatives such as USD₮, this innovative solution represents a significant milestone, and we are anxious to observe its interaction with the broader market. In addition, we intend to incorporate this cutting-edge technology into our forthcoming digital asset tokenization platform.
Tether Gold (XAUT) is a stablecoin that, on the Ethereum blockchain digitally symbolizes one troy ounce (31.1 grams) of gold. In addition, the announcement emphasizes that Alloy’s objective is to streamline gold transactions for institutions and facilitate its integration into the portfolios of investors.
It is important to note that Tether is beginning to make movements in 2024. Paolo Ardoino recently disclosed that Tether intends to allocate $1 billion to businesses through 2025. Additionally, the organization is broadening its scope beyond cryptocurrency products to encompass educational content, artificial intelligence, data, and Bitcoin mining. Crypto Briefing reported that this news follows Tether’s unprecedented quarterly profit in Q1.Alloy introduces aUSD₮, a gold-backed token linked to the US dollar, while Tether introduces its new gold-backed digital asset, dubbed.
Today, Tether unveiled its latest digital asset, “Alloy,” which is characterized by its backing in Tether Gold. The Tether Group’s Moon Gold NA and Moon Gold El Salvador developed the product, which combines the advantages of a digital currency with the stability of gold.
Value stability is guaranteed by the initial token, aUSD₮, which is over-collateralized by Tether Gold and fixed to the US currency. The Ethereum mainnet allows users to mint aUSD₮ using Tether Gold as collateral. The Alloy platform also enables the creation of a variety of tethered assets, thereby broadening the potential for asset management.
Also Read: South Korea to Reassess 600 Crypto Listings on Local Exchanges
