Need support?

  • Blog
  • News
  • Tether Launches Gold-Backed Crypto, Crypto Members Raise Doubts
Tether Launches Gold-Backed Crypto, Crypto Members Raise Doubts - Binaryx

Tether Launches Gold-Backed Crypto, Crypto Members Raise Doubts

Tether Gold Launches on Tron and Ethereum Crypto Networks

A golden digital token – with such a rather controversial launch, that is how Tether decided to start 2020. We can call this release controversial, if only because of the company’s foreign policy, namely because of the lack of transparency for its users. Let’s just say that even a novice trader should think about working with Tether, given some details of their activities last year. The following question arises: will potential buyers trust such a digital asset from Tether?

Tether Gold reinforces its tokens with physical gold stored in a Swiss vault. If we take a closer look at the technical documentation of the project, we will find here information that each Tether Gold token (XAUt) represents one ounce of London Good Delivery gold.

If you decide to buy XAUt, then you need to know that you will need to take at least 50 units, which is 50 ounces, which is about 75 thousand US dollars.

Also, in this white paper, you can find information that XAUt holders can exchange their tokens for physical gold if they wish. An equally exciting feature is that owners can ask Tether Gold to sell billions for them.

It is worth noting the fact that at the moment you can buy XAUt only in Ethereum and Tron networks, a little later, other networks will be able to place a new digital asset.

Wait, do people even believe Tether?

Repeatedly the shadow of suspicion fell on Tether. We have already talked about the non-transparent foreign policy of the company. Still, it is also worth emphasizing here as the shortcomings of the endless changes in banking agreements, dishonest actions regarding the use of USDT to maintain the price of Bitcoins. 

If strong arguments are not enough for you, then you probably don’t know that the Ministry of Justice has already had relations with Tether.

The phenomenon of Tether is that, despite all the above changes, the company continues to grow and develop. Moreover, this is the fifth project with the highest confidence in the crypto industry.