The non-volatile gold-backed stablecoin, Tether Gold token (XAUt), is set to be listed and start trading on the ProBit Global exchange by May 25, 2023. The token, which offers users access to a utility digital token that boasts of scarcity and price stability parallel to gold, aims to significantly lower barriers to entry to gold markets for non-institutional investors.
Once synonymous with “money” but not divisible, easily stored, or transported, gold’s value being digitized with XAUt is a new way to make it highly transferable with comparably low fees and ensure wider ownership, even in small sums.
Powered by Tether’s technology and functionality, the benefits of holding XAUt are far greater than its fiat-backed counterparts. Also, while it mirrors Tether’s existing products, it differs in several ways including its being issued by a new entity, Tether Gold, which will arrange the purchase of London Good Delivery gold from Switzerland and store them in a custodian’s vault for XAUt holders.
Each XAUt token equals 1 troy ounce of gold that can be fractionalized into up to six decimal places (i.e. increments as small as 0.000001 troy fine ounce). Gold bars are tied with each on-chain address that holds XAUt tokens with information accessible on a “Look-up Website” for anyone to identify them. When on-chain transaction transfers of XAUt are made from one address to another, the associated physical gold is instantly reallocated on behalf of token holders to always ensure ownership representation.
To redeem their tokens for the associated physical gold–at a location of their choosing in Switzerland, XAUt holders will pay associated fees and meet redemption requirements. Holders also have the option to ask for their gold to be sold and to receive the proceeds from said sale.
ABOUT XAUt
XAUt is an ERC-20 token that combines the direct exposure of individual investors to the price of physical gold, with granting access to traditional financial assets like ETFs, and the transactional utility of a digital token.
ABOUT PROBIT GLOBAL
Founded in 2018, ProBit Global is a Top 20 cryptocurrency platform featuring access to more than 800 cryptocurrencies and over 1000 different markets. ProBit Global aims to position itself as a world-class exchange for both crypto enthusiasts and novice investors, and boasts a user base of more than 2,000,000 active users, globally.
With a powerful crypto trading interface, easy integration for automated crypto trading bots, fiat on-ramp support for 45 currencies, and a multilingual website in 46 languages, ProBit Global has all the features to make your cryptocurrency trading experience easy.
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