The Martini Guy: Tether acquires 7.7 tons of gold backing XAUT token
@MartiniGuyYT: Tether buys gold for XAUT
Tether, the company behind the popular stablecoin USDT, has announced the acquisition of 7.7 tons of gold.
This substantial purchase aims to bolster its gold-based stablecoin, the XAUT token, which is tied to the precious metal's value. Tether's move to secure a significant amount of gold reflects its continuing effort to strengthen the stability and value proposition of its commodities-backed digital offerings.
This acquisition comes at a time when the cryptocurrency market is witnessing increased interest in diversified and asset-backed tokens. Paolo Ardoino, CTO at Tether, noted that acquiring physical gold aligns with the company's strategy to offer secure and reliable cryptocurrency products.
Experts suggest that this purchase could enhance investor confidence in XAUT, potentially leading to increased adoption of the gold-backed token among users seeking a more stable digital asset alternative in uncertain economic times.
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