Crypto giant Tether introduces new digital token backed by gold
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Tether holdings, issuer of the largest stablecoin, is launching a new synthetic dollar backed by gold. The new gold-backed stablecoin operates on Tether's platform called Alloy, built on the Ethereum blockchain. Users can mint tokens by depositing Tether Gold, another token representing the value of physical gold. This launch comes after Tether reported a profit of $4.5 billion in Q1 2024. The launch marks a step towards portfolio diversification beyond the US Dollar and offers an open ecosystem for creating various Tether assets. The gold-backed token resonates with the gold standard used in the monetary system until 1971.

#Tether #Stablecoin #Gold #Cryptocurrency #PortfolioDiversification

https://www.wionews.com/business-economy/crypto-giant-tether-introduces-new-digital-token-backed-by-gold-732775