Bitfinex lists gold-backed stablecoin
Bitfinex, the bitcoin and cryptocurrency exchange, announced that it will be the first platform to list Alloy (aUSDT), the new stablecoin from the Tether company.
aUSDT reportedly presents a novel approach as it is backed by gold and pegged to the US dollar. The issuing company detailed that aUSDT will be overcollateralized by XAuT, Tether’s digital token linked to gold that follows the price of physical gold.
It is worth clarifying that an overcollateralized stablecoin is one that is backed by an asset value greater than the value of the stablecoins in circulation. This means that for every aUSDT that is issued, there is a higher value in physical gold (represented by XAuT) stored as collateral.
At the time of publishing this note, the price of XAuT is around $2,300.
Commenting on the announcement, Henry Child, the head of tokens at Bitfinex, celebrated the launch of this token and added:
“Tether’s commitment to innovation is evident with aUSDT, which introduces a new concept of linked assets (gold and US dollar simultaneously) that we have never seen before. “We are delighted to add the aUSDT token to the diverse list of token offerings on the Bitfinex platform.”
Henry Child, the head of tokens at Bitfinex.
Deposits and trading with aUSDT on Bitfinex are now available from 10:00 AM UTC on June 19, 2024.
Bitfinex also clarified that aUSDT can be traded with US dollars (aUSDT/USD) and Tether tokens (aUSDT/USDt). The token will be available through two licensed entities, Moon Gold NA, SA de CV, and Moon Gold El Salvador, SA de CV.
Tether launches USDT
This Monday, June 17, Paolo Ardoino’s firm launched Alloy, its new platform based on the Ethereum network that allows users to create tokens guaranteed by XAUT, Tether’s physical gold-backed stablecoin.
Through a publication by this year”.
In addition, he detailed that his goal is to “redefine stability in the digital economy by combining the strengths of a stable unit of account with the security and reliability of gold.”
