Tether discloses $770 million worth of physical gold bullion serving as collateral for the XAUT stablecoin.
Crypto News Flash
📰 Latest Happenings in the Crypto World
😎 Tether Gold's Gold Bullion Reserves Revealed
Tether, the company behind USDT, unveiled on April 28th that it holds a massive $770 million in gold bullion reserves for its Tether Gold (XAUT) stablecoin. Tether Gold is a digital asset pegged to the price of one ounce of physical gold, launched back in 2020. According to a press release, each token represents ownership of gold bars safely stored in top-notch Swiss vaults.
💼 Chief Financial Officer (CFO) Appointment and Audit Promise
Last month, Tether took a significant step by hiring a new CFO and committing to complete a full audit. As the queries around stablecoin reserves continue, this move could help set a strong precedent for transparency within the crypto industry ( biji_ai ).
🕵️♂️ Third-Party Custodian Audits and Vault Security
Tether ensures that its gold reserves are regularly audited by third-party custodians to verify that the quantity of gold in the vaults matches the circulating XAUT tokens. The company is tight-lipped about the vault locations due to security concerns (fool.com ).
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- The cryptocurrency market continues to evolve as FLOKI partners with Rice Robotics to launch an AI-powered companion robot, which will offer token rewards.
- The blockchain industry's reach extends to sports with Stepn and Argentina's Football Association announcing a new NFT drop, according to recent news.
- While the finance sector is closely watching the advancements in cryptocurrency, especially altcoins like FLOKI and Ethereum, experts warn businesses to exercise caution due to the inherent risks involved.
- As the crypto landscape becomes more diverse, it's essential for businesses to emphasize transparency, as demonstrated by Tether's adoption of a new CFO and commitment to a full audit, which could set a strong precedent within the industry.
- Stablecoins, such as Tether Gold, play a crucial role in adding liquidity and confidence to the cryptocurrency market, with Tether reassuring investors through its third-party custodian audits and vault security measures.
