The gold-backed stablecoin surpasses Pax GOLD in market cap
ROAD TOWN, British Virgin Islands, March 4, 2020, 9:00 AM UTC – Tether Gold (XAU₮), a digital asset providing exposure to physical gold (XAU), has had a huge uptake in demand to become the biggest gold-backed token amid turbulent global financial markets.
XAU₮, which now has a market capitalization of more than $21 million, has surpassed its nearest rival PAX Gold, providing investors with the easiest way to own and trade the highest-quality physical gold within a growing digital asset ecosystem.
“Tether Gold has had a really great start,” said Paolo Ardoino, CTO at Tether. “But I believe that this is nothing in comparison to the potential of this new asset, especially in the context of increased investor interest in risk diversification and capital safety against political uncertainty. Tether Gold offers diversification in terms of risk and volatility and I expect it to reach a market capitalization of at least $100 million.”
Earlier this week, the Dow Jones Industrial Average surged more than 1,200 points, or 5 percent, on hopes that central banks will take action to shelter the global economy from the effects of the coronavirus outbreak. Meanwhile, the spot price of gold has increased about 24 percent over the past year to $1,603 an ounce, amid increasing investor interest in owning the asset.
About Tether Gold
XAU₮ is a digital asset offered by TG Commodities Limited. One XAU₮ token represents one troy fine ounce of gold on a London Good Delivery gold bar.
Holders of XAU₮ obtain the combined benefits of both physical and digital assets. XAU₮ token holders will be able to enjoy ownership of gold while avoiding drawbacks associated with physical gold, such as high storage costs and limited accessibility.
Today, Tether Gold (XAU₮) is the only product among the competition that offers zero custody fees and has direct control over the physical gold storage, safely held in a Switzerland vault, adopting best in class security and anti-threat measures.
For more information on XAU₮, please visit: https://gold.tether.to/
This post is not an offer to sell or the solicitation of an offer to buy XAU₮. TG Commodities Limited will only sell or redeem XAU₮ pursuant to its terms of sale and service available (as ofat the date of this press release) at gold.tether.to/legal.
Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron and Algorand blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a secure, fast and low-cost way to transact with money.