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Tether, one of the largest companies in the cryptocurrency industry, has officially launched Alloy by Tether, a new asset backed by Tether Gold.
According to the official blog post, Alloy by Tether aims to redefine stability in the digital economy by combining the benefits of a stable economic unit with the security and reliability of gold.
Alloy by Tether introduces a new category of digital assets known as pegged assets.
The first token in the Alloy by Tether series will be aUSD₮, a digital currency designed to track the value of one US dollar. The thing about aUSD₮ is that it is over-collateralized by Tether Gold (XAU₮), meaning it is allegedly backed by real physical gold stored in Switzerland, according to the official blog post.
Users will be able to create aUSD₮ tokens using Tether Gold (XAU₮) as collateral.
Currently, Alloy by Tether smart contracts are used on Ethereum Mainnet. Users can mint aUSD₮ by depositing Tether Gold (XAU₮) as collateral through a process managed by Ethereum-compatible smart contracts.
Tether CEO Paolo Ardoino expressed his excitement about the launch and said:
“We are excited to announce the launch of Alloy by Tether, offering a digital asset class backed by gold and tied to a reference fiat currency. While the stabilization mechanism differs from traditional options such as USD₮, this innovative solution marks an exciting turning point and allows the market to recover.” “Furthermore, we plan to make this innovative technology available in our upcoming digital asset tokenization platform.”
*This is not investment advice.