Tether reveals 770,000,000 dollars in the field of physical gold gold supports Xaut Stablecoin
Tether, the company behind many Stablecoins in the encrypted currency, including USDT, announced on Wednesday that it has $ 770 million of physical gold bars reserves that support Stablecoin Gold (Xaut).
Xaut was launched in 2020, which is one of the digital assets associated with one ounce price of material gold.
According to the new press release From Tether, every symbol of direct ownership of gold tapes that are held in a guaranteed Swiss cellar.
Paulo Erdino, CEO of Tether says,
Tether Gold continues to show the strength and elasticity of gold as a value store, especially in times of economic uncertainty.
With xut, we provide users with the ability to access the safety of material gold in a digire – easily transportable, and support 1: 1 through fully portable gold reserves. It is part of our broader commitment to building financial tools that combine the best traditional assets with Blockchain technology efficiency. “
The disclosure comes amidst the continuous scrutiny of Stablecoin reserves throughout the cryptocurrency industry.
The company added that the guardian of the third party is reviewing its golden reserves regularly to ensure that the number of Xut symbols is matching.
Tether did not reveal specific details about her cellar sites, noting security concerns.
Last month, Tether rented a new head of the financial manager (CFO) and committed to complete the full audit.
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