Tether Gold (XAU₮), a digital asset providing ownership of physical gold (XAU) custodied in Switzerland, has been listed on BTSE, a financial technology exchange, as demand increases for around-the-clock exposure to the precious metal. BTSE is the third cryptocurrency exchange to list XAU₮, which is growing in popularity as a trusted, liquid and accessible means of obtaining exposure to gold. XAU₮ is available for purchase or sale 24 hours a day, seven days a week on BTSE’s All-In-One Order Book, which combines multiple trading pairs in one location. These include Tether Gold/US Dollar (XAUt/USD) and Tether Gold/Tether (XAUt/USDt).
“We are very excited to announce that Tether Gold will be the twentieth currency available on the BTSE Exchange,” says Jonathan Leong, CEO and Co-Founder of BTSE. “The token can be traded and transacted instantly at any time, anywhere in the world. It also enables more people to access the traditionally upper-market asset as they have the freedom to acquire ownership of gold in small amounts at low cost.”
“Tether Gold is growing from strength to strength,” says Paolo Ardoino, CTO at Tether. “The listing on BTSE further underlines the popularity and trust in Tether Gold. As a blockchain-based token that offers ownership of gold without annual fees, Tether Gold represents an important evolution in the digital space.”
Tether Gold was launched earlier this year in response to an increase in demand for what is commonly viewed as the world’s most reliable precious metal. XAU₮, which currently has a market capitalisation of approximately USD87 million, is the world’s biggest gold-backed stablecoin, far surpassing that of its nearest rivals.
Gold has long been a trusted store of value, particularly during market volatility. Increased market shocks caused by the coronavirus crisis have boosted interest in gold-backed digital tokens as investors seek more stable forms of investment. Earlier this week, gold jumped to a fresh seven-and-a-half-year high, rising to USD1,760 per ounce.
There are many advantages to a gold-backed token. Investors can eliminate issues of storage and transport, and by purchasing the rights to the asset in a digital form, users can avoid unnecessary added premiums of up to 30% when going through traditional retailers.
By adding Tether Gold, BTSE is enabling its users to purchase ownership of gold in small amounts, providing greater access to a wider range of users. Traditionally, gold has been reserved for wealthier investors. With Tether Gold, BTSE’s users can now trade the store of value at a lower minimum price.
Tether Gold is an addition to a wide range of currencies available on the BTSE Exchange, which provides instant access to fiat currencies, stablecoins, and cryptocurrencies through its All-In-One Order Book for spot trading, and with its upcoming BTSE Debit Card for use at more than 53 million Mastercard merchants worldwide.
The Tether Gold listing is a part of BTSE’s mission to enable investors and users to achieve greater financial freedom, while strengthening the connection between traditional fiat markets and cryptocurrency derivatives.
