Tether announces its new XAU gold-backed token ₮

Tether announced on Thursday (23) the launch of its token name XAU ₮, which will be backed by gold.
"We are pleased to announce the addition of a new product, Tether Gold (XAU ₮), providing the security of a digital asset tied to physical gold (XAU).", Wrote the company in the announcement.

Tether announces its new XAU gold-backed token ₮ Shutterstock_696155947

Tether announces its new XAU gold-backed token ₮ Shutterstock_696155947

Each XAU ₮ token represents a physical gold troy ounce in a specific gold bar. At the moment it will be available as an ERC-20 token on the Ethereum blockchain and a TRC20 token on the TRON blockchain.

According to the announcement, XAU ₮ will have direct control over the physical storage of gold, carried out safely in a Swiss safe, adopting the best security and anti-threat measures in its category. The company will not charge for custody of the token.
Holders of the XAU ken token may request redemptions in the form of physical gold, provided they have completed the verification process at TG Commodities Limited and have the minimum number of tokens required. The holder's physical gold may be delivered to a location of his choice in Switzerland or the holder may request that TG Commodities Limited attempt to sell the gold and receive the proceeds in cash from that sale, discounting TG Commodities Limited's fees.
So far the new token is being traded only from Bitfinex, with a price of US $ 1,575 at 1:52 pm.

In addition to tokens backed by gold and dollar, Tether also token backed by euro and another in chinese yuan

https://ourbitcoinnews.com/tether-announces-its-new-xau-gold-backed-token-%e2%82%ae/
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Tether announces its new XAU gold-backed token ₮

Tether announces its new XAU gold-backed token ₮

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