Tether Announces $770 Million Worth of Physical Gold Reserves Supporting XAUT Stablecoin
Tether Gold, a digital asset pegged to physical gold, reveals a substantial $770 million reserve in the Swiss vaults. Each token is equivalent to a troy ounce of gold, certified by the London Bullion Market Association (LBMA).
In a recent press release, Tether CEO Paolo Ardoino emphasized the resilience of gold as a store of value, especially during economic uncertainty. He further explained that XAUT offers investors the advantages of physical gold in a digital and transferable form, all while being fully backed by gold reserves.
This announcement comes at a time of increased scrutiny over stablecoin reserve transparency across the cryptocurrency sector. Tether also disclosed that third-party custodians conduct regular audits to ensure correspondences between the number of XAUT tokens in circulation and their gold reserves.
The company has not disclosed specific vault locations, citing security concerns. In the past month, Tether hired a new chief financial officer (CFO) and has committed to completing a comprehensive audit.
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- In the same vein of innovations in the cryptocurrency industry, Tether Gold, a digital asset tied to physical gold, announced a $770 million reserve in Swiss vaults, and it's fully backed by gold reserves, providing investors with the benefits of traditional gold in a digital, transferable format.
- Amid increased scrutiny over stablecoin reserve transparency, Tether revealed that third-party custodians regularly audit their 'XAUT' tokens to maintain correspondence with their gold reserves, showcasing the company's commitment to industry standards and financial integrity.
