Cryptocurrencies
Tether Announces a New Synthetic Dollar That Is Backed by Gold
- Alloy by Tether designed to track dollar with gold collateral
- Tether Gold has a $573 million market capitalization
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Tether Holdings Ltd., issuer of the largest stablecoin in the cryptocurrency market, has created a new synthetic dollar that is backed by gold, the company announced Monday.
The token was created on the company’s new Alloy by Tether platform and will trade as aUSDT via smart contracts on the Ethereum Mainnet blockchain, where users can mint it through over-collateralization by depositing another Tether token that tracks the value of gold.