Tether launched the token ‘backed’ by gold stored in Switzerland as part of its new synthetic crypto lineup. In this context, the USDT parent company launched the ‘Alloy by Tether’ platform. It designed this platform to join the real-world asset tokenization game. aUSDT was the first of the products from this new branch.
The aUSDT move came from Tether!
Tether, the world’s largest stablecoin issuer, announced the launch of a new crypto category. Accordingly, the company is launching a series of digital assets by introducing a new token “backed by real physical gold stored in Switzerland.” The first token launched by Tether, dubbed “Alloy by Tether,” is called aUSDT, the statement said. Paolo Ardoino, CEO of the company, made the following statement regarding the development:
Alloy by Tether is an open platform that allows users to create collateralized synthetic digital assets. It will also soon be part of the new Tether digital asset tokenization platform that will be launched later this year.
Tether described aUSDT as a cryptocurrency “designed to track the value of a US dollar” but “over-collateralized by Tether Gold (XAUT)”. It also emphasized that the token is “backed” by real gold. “Users can create aUSDT tokens using XAUT as collateral,” the company said. With a market capitalization of $573 million, XAUT is not as popular as USDT, the company’s dollar pagli stablecoin with a market capitalization of over $100 billion. The company also said that the new aUSDT token was developed with the help of Moon Gold NA, S.A. de C.V. and Moon Gold El Salvador, S.A. de C.V., members of the “Tether Group”.
Company is also thinking about users in its expansion plan!
Tether emphasized that this is useful and innovative for users who want to make digital transactions, payments and remittances but prefer a currency they are comfortable with. To complete such transactions, these users do not need to sell their XAUt. This new development underscores Tether’s commitment to providing innovative products to its users.
As you have been following on Kriptokoin.com, the company is currently seeking a $1 billion investment to facilitate its entry into the Artificial Intelligence (AI) and Biotechnology sectors in the near future. This follows its recent $200 million investment in Blackrock Neurotech, a neural implant firm that rivals Elon Musk’s Neuralink. Ultimately, the different additions reflect the firm’s diversification beyond stablecoins.
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