Tether Operations Limited, the renowned company that oversees the issuance of USDT, announced yesterday the debut of Tether Gold (XAUT) and Euro Tether (EURT) on social-based crypto exchange XT.com. This strategic decision underscores Tether’s push towards expansion beyond its flagship USDT product, strengthening its dominance in the stablecoin market.
Paolo Ardoino, a prominent crypto enthusiast and entrepreneur, announced on Twitter that Tether Gold brings back the gold standard:
Gold can't be inflated, that's why central banks decided to stop pegging their printing power to their gold reserves.
— Paolo Ardoino 🍐 (@paoloardoino) July 6, 2023
Remember remember 1971.
Gold has been the companion of humanity for the last many thousands of years, used both as a store of wealth and a mean of exchange.… pic.twitter.com/7o8erG0kd1
Tether Gold, a burgeoning digital asset, has set its sights on challenging FIAT money rather than contending with Bitcoin. Bitcoin undeniably, has no competitors in terms of its unique architecture and value proposition, deemed by many as the most revolutionary currency ever created.
XT.com, the brainchild of entrepreneurial pioneer Weber Woo, first took root in Hong Kong in 2018 and now boasts a substantial registered user base of 6.5 million active monthly participants. Supporting over 1,000 trading pairs in spot and derivative markets, the platform provides customers competitive low fees and high liquidity.
The introduction of XAUT and EURT to XT.com’s markets section signifies a progression toward mainstream adoption of cryptocurrency use for the exchange. For Tether, it represents an opportunity to cement its hegemony in the stablecoin industry.
XAUT is a unique cryptocurrency offering its holders a tangible asset: physical gold. Each token is equivalent to one troy ounce of a London Good Delivery gold bar stored in a reputable Swiss financial institution.
However, the launch of the EURT, coupled with new regulations and the growth of this niche market, offers European traders viable options to trade confidently. Euro Tether distributed approximately 78% on Ethereum and about 20% on Omni, currently capitalizing at $154 million, making it the most dominant euro-pegged stablecoin.
Taken as a whole, the market for these products stands at just shy of $600 million, offering extensive possibilities for expansion in the forthcoming years. This development underscores a burgeoning appetite for diversified digital assets and the increasing acceptance of cryptocurrencies in everyday transactions.
