What is Tether Gold (XAUt)?
Gold- considered to be a “safe haven” from the history of human civilization till today. It’s the most secure tool for value storage and hedging in times of financial distress and for seeking portfolio diversification. However, buying, owning and storing gold in its physical format is cumbersome and pricey on the wallet. Gold, in digital formats like ETFs and derivatives, does overcome those high expenses, but it has some trade-offs like counterparty risks, geopolitical risks, and expertise.
That’s where digital token XAUt steps in, granting you ownership of actual physical gold with properties of cryptos. Tether Gold is a commodity-backed stablecoin issued by Tether Ltd, a pioneer in issuing fiat-based stablecoins like USDT. Tether Gold XAUt is pegged to gold at a ratio of one token to one ounce, which is physically held in a safe vault in Switzerland. That means XAUT holders can redeem their tokens for physical gold, subject to a minimum redemption amount and fee payment.
| Launch Date | 2022 |
| Founder | Reeve Collins, Brock Pierce, and Craig Sellars |
| Blockchain Protocol | Ethereum blockchain |
| Native Token | XAUt |
| Market Cap | $472.73 million |
| Token Type | Utility |
| Circulating Supply | 246,524 |
| Total Supply | – |
| Consensus Method | Proof of Stake (PoS) |
Who are the Founders of Tether Gold?
Tether Gold issuer Tether Ltd. vision is to straighten out traditional finance systems by introducing fiat currencies in a digital manner. It was co-founded by Reeve Collins, Brock Pierce, Craig Sellars and a group of early Bitcoin adopters and investors in 2014 as Realcoin.
How does Tether Gold (XAUt) work?
XAUt token is an Ethereum ERC-20 based token with physical gold backing it up. It aims to deliver the best of three worlds: direct exposure to physical gold, the accessibility of traditional assets like ETFs, and the transactional utility of digital tokens.
Each token is associated with 1 troy fine ounce of London Good Delivery gold and can be functionalized up to six decimals 0.000001 troy fine ounce. Tether offers a Lookup website for transparency, enabling one to check the specific gold bars linked to each token-holding address.
When a holder transfers XAUt tokens from one address to another, the actual gold that is bound to the tokens is reallocated by Tether Gold. This is done to minimize pieces of gold bars connected with each address.
What makes XAUt Unique Use Cases?
- It combines the value of physical gold with transactional utility and accessibility of crypto assets.
- Users can easily trade XAUt anytime from anywhere around the world in a denomination of 0.000001 at wholesale cost.
- XAUt holders can track gold bars linked to their wallet address and redeem them for physical gold.
Tether Gold (XAUt) Price Analysis
Source: Tradingview
- XAUt price today is trading at $1916.95, with a 24-hour trading volume of $901,497. In the last 24 hours, it is down by 0.16%, and its market cap is $472.73 million as of August 28, 2023.
- XAUt price has lost around 4.9% after rejection from the $1985.16 mark. However, it has made a bullish divergence from the oversold region.
- It currently stands below its 50-day moving average, with support at $1904. If the XAUt price goes above $1935, it might rally again.
| XAUt Price Today | $1916.95 |
| Price Change (Yearly) | 10.55% |
| Market Dominance | – |
| Market Rank (as per CMC) | 68 |
| Market Cap | $472.73 million |
| Fully Diluted Market Cap | $473.27 million |
| ATH | $2076.11 |
| ATL | $1408.88 |
How to Buy XAUt Tokens in India?
To buy XAUt Token in India, just follow the below-mentioned steps:
- Download the Crypto Wallet App
- Enter the details for registration.
- Complete your KYC
- Once your profile is verified, add funds and buy XAUt Tokens.
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