Tether, which operates in the crypto currency market, announced that it has a reserve of a $ 770 million physical gold ingot to support the presence of a crypto called Xaut. In an official statement, the company said that each token of Xaut is based on the golden nuglers kept in safe crates in Switzerland.
Crypto currency
Launched in 2020, Xaut was described as crypto assets indexed to the price of an ounce of gold. According to the explanations, each token directly represents the relevant physical gold ingots. According to the company’s statement, gold reserves are controlled by regular third -party auditors, thus confirming that they are compatible with the number of circulating tokens.
It was reported that physical gold was stored in safe areas and the reserves were regularly inspected. However, the company chose not to share the full location information of the safes with the public due to security concerns. This brought together discussions on market transparency.
TETHER administration, the newly appointed Finance Director has announced that it has started a full -inspired audit process. The company aims to emphasize the reality of reserve assets while aiming to increase the confidence elements in the sector with its regular audit and improved openness policies.
Management Explanations and Inspection Processes
Tether’s aim is to provide users with the security of physical assets in the form of Blockchain in the form of technical integration of digital and traditional assets. This approach reflects the trends seen in the products at the intersection point of financial technologies and traditional assets.
“Tether Gold continues to reveal the power of value storage of gold, especially in economic uncertainty periods. Thanks to Xaut, users achieve access to the crypto asset supported by gold reserves. This system reflects our general commitment to the development of financial tools that blend the efficiency of blockchain technology with the advantages of traditional assets.” – CEO Paolo Ardoino
Developments are important in terms of the effects of supporting digital assets with physical guarantees on the sector and investor confidence. It may be useful for investors to follow reserve policies and audit processes while evaluating digital assets.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
