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Tether Gold Now Backed by 7.66 Tons of Physical Gold
As the world grapples with economic uncertainty and inflationary risks, investors are increasingly seeking safer store of value options. In a bold move to address this growing demand, Tether Gold (XAU₮) has announced that it is now fully backed by an impressive 7.66 tons of physical gold.
The gold reserves are securely stored in Swiss vaults, adhering to the stringent global standards set by the London Good Delivery, ensuring the highest level of security and transparency for investors.
In a statement, Paolo Ardoino, CEO of Tether Gold, highlighted the innovative approach that sets XAU₮ apart from other similar offerings. “With Tether Gold, we are not only offering individuals and institutions around the world the ability to hold, transfer, and store gold-backed value with complete assurance, but also ensuring that our reserves comply fully with global standards. This is a significant differentiator in an increasingly crowded market.”
The attestation from TG Commodities, S.A. de C.V., confirms Tether Gold’s commitment to transparency by providing detailed information on the token metrics. The report highlights that 186,879.510 tokens have been sold and funded, while 59,644.820 tokens remain available for purchase.
In addition, the data suggests that the gold backing for sold tokens is valued at approximately $617.3 million, with the unsold token value equaling around $197.0 million. This impressive total market capitalization of $814.3 million underscores the growing demand for reliable and stable store of value options.
Tether’s decision to now fully back XAU₮ by 7.66 tons of physical gold marks a significant shift in the global financial landscape, as investors increasingly turn away from unstable paper money towards more secure assets.
Source: cryptotale.org
