Tether launches new stablecoin Tether Gold anchoring physical gold

According to CoinDesk, Tether will launch Tether Gold, a new token that anchors physical gold. It said in a Thursday press release that the new stablecoin trading code is XAU ₮, which means "there is one ounce of pure gold on a particular gold bar. "Physical gold" will be issued on the ETH and TRON blockchains as ERC-20 and TRC20 tokens, respectively. A spokesperson said in an email: "Tether Gold was launched in response to growing demand for a digital asset that provides exposure to the world's most durable assets and also meets Geopolitical demand for an alternative financial system. "The statement said that each token's anchored gold would be stored in a Swiss vault, but did not disclose the name of the vault. Tether will not charge escrow fees and "directly control physical gold storage."