The post Tether Made The Big Announcement It Has Been Talking About For Days – Here are its New Cryptocurrencies appeared on BitcoinEthereumNews.com.

Tether, one of the largest companies in the cryptocurrency industry, has officially launched Alloy by Tether, a new asset backed by Tether Gold. According to the official blog post, Alloy by Tether aims to redefine stability in the digital economy by combining the benefits of a stable economic unit with the security and reliability of gold. Alloy by Tether introduces a new category of digital assets known as pegged assets. The first token in the Alloy by Tether series will be aUSD₮, a digital currency designed to track the value of one US dollar. The thing about aUSD₮ is that it is over-collateralized by Tether Gold (XAU₮), meaning it is allegedly backed by real physical gold stored in Switzerland, according to the official blog post. Users will be able to create aUSD₮ tokens using Tether Gold (XAU₮) as collateral. Currently, Alloy by Tether smart contracts are used on Ethereum Mainnet. Users can mint aUSD₮ by depositing Tether Gold (XAU₮) as collateral through a process managed by Ethereum-compatible smart contracts. Tether CEO Paolo Ardoino expressed his excitement about the launch and said: “We are excited to announce the launch of Alloy by Tether, offering a digital asset class backed by gold and tied to a reference fiat currency. While the stabilization mechanism differs from traditional options such as USD₮, this innovative solution marks an exciting turning point and allows the market to recover.” “Furthermore, we plan to make this innovative technology available in our upcoming digital asset tokenization platform.” *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/tether-made-the-big-announcement-it-has-been-talking-about-for-days-here-are-its-new-cryptocurrencies/

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Filed under: News - @ June 18, 2024 11:14 am