Tether launches gold-backed, US dollar-pegged stablecoin ‘Alloy’
Tether, the company behind the $112 billion market cap USDT, has introduced a new gold-backed stablecoin pegged to the U.S. dollar. The new stablecoin, called Alloy (aUSDT), marks Tether’s first foray into tethered assets and can be minted on the recently launched Alloy by Tether platform. According to Tether, Alloy is designed as an open platform for creating collateralized synthetic digital assets. The platform’s first asset is aUSDT, a token whose price is pegged to the U.S. dollar . 5/ Alloy by Tether provides long-term holders the opportunity to maintain exposure to gold, while in parallel obtaining a dollar-referenced Tethered Asset for payments and day-to-day economy.https://t.co/tuQikMJbJU — Alloy by Tether (@Alloy_tether) June 17, 2024 Investors can mint aUSDT by depositing Tether’s XAUt as collateral. XAUt, with a market capitalization of $570 million, is allegedly backed by physical gold stored in Switzerland. ...