TETHER, the company behind several main stables of cryptocurrency, including the USDT, announced on Wednesday that it holds $ 770 million in physical gold reserves supporting its stable stable (XAUT).
Launched in 2020, XAUT is a digital active ingredient fixed at the price of an ounce of physical gold.
According to the new press release from Tether, each token represents direct property of gold bans held in secure Swiss vaults.
Said Paolo Ardoinino, CEO of Tether,
“The training of gold continues to demonstrate the strength and resilience of gold as a reserve of value, in particular during the period of economic uncertainty.
With Xaut, we offer users the possibility of accessing the safety of physical gold in digital form – secure, easily transferable and sustained 1: 1 by fully kept gold reserves. This is part of our broader commitment to creating financial tools that combine the best of traditional assets with the efficiency of blockchain technology. »»
The disclosure comes in the midst of a meticulous examination on the transparency of the Stablecoin reserve throughout the cryptocurrency industry.
The company has added that third -party guards regularly audit its gold reserves to ensure that they correspond to the number of Xaut in circulation tokens.
Tether has not disclosed specific details on his safe locations, citing security problems.
Last month, Tether hired a new chief financial director (CFO) and undertook to complete a full audit.
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