Tether Holdings Ltd., issuer of the largest stablecoin in the cryptocurrency market, has created a new synthetic dollar that is backed by gold, the company announced Monday.
The token was created on the company’s new Alloy by Tether platform and will trade as aUSDT via smart contracts on the Ethereum Mainnet blockchain, where users can mint it through over-collateralization by depositing another Tether token that tracks the value of gold.
The new offering highlights Tether’s ambitions to expand beyond its USDT stablecoin, a token with a market capitalization of $112.5 billion that tracks the value of the US dollar and ...
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