The post Tether Unveils Gold-Backed Alloy Asset appeared on BitcoinEthereumNews.com.

Tether, a prominent stablecoin issuer in the crypto industry, has announced the official launch of Alloy by Tether, a tethered asset backed by Tether Gold (XAUT). This new token aims to provide stability in the digital economy. It combines the strengths of a stable unit of account with the security and reliability of gold. Tether CEO Discusses the Future of Tethered Assets with Alloy Alloy by Tether introduces a novel category of digital assets known as tethered assets. These assets track the price of reference assets through stabilization strategies like over-collateralization with liquid assets and secondary market liquidity pools. This approach provides consistent value and stability, advancing the real-world asset (RWA) tokenization sector. Read more: Real World Asset (RWA) Backed Tokens Explained Paolo Ardoino, CEO of Tether, expressed his enthusiasm for the new venture. He highlighted that while the stabilization mechanism differs from traditional options like USDT, this solution marks an exciting milestone. “Alloy by Tether is an open platform that allows the creation of collateralized synthetic digital assets and will soon be part of the new Tether digital assets tokenization platform, launching later this year,” he added. Alloy by Tether also enables the creation of different tethered assets with broader backing mechanics, potentially including yield-bearing products. This technology provides institutions with a modern approach to asset management. It offers a secure, gold-backed digital asset that can be integrated into portfolios. Moon Gold NA, S.A. de C.V., and Moon Gold El Salvador, S.A. de C.V. will handle the issuance and management of Alloy by Tether. They will cater to different customer segments and regulatory requirements. RWA Tokenization Gains Momentum with Commodity-Backed Tokens The first token in the Alloy by Tether lineup is aUSDT. This digital currency has a design to track the value of one US dollar. aUSDT distinguishes itself…

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Filed under: News - @ June 18, 2024 12:14 am