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Tether’s Gold-Backed Stablecoin In Demand As Commodity Hits ATH

Courtesy of ZeroHedge View original post here.

Authored by Turner Wright via CoinTelegraph.com,

The price of gold and Tether’s XAUT rallied to more than $1,900 today, a value not seen since September 2011.

image courtesy of CoinTelegraph

The Tether Gold stablecoin was valued at $1,902 on July 24, putting the price of gold within reach of the commodity’s all-time high set in September 2011.

Gold has risen 22.7% from $1,550 to $1,902 since Tether Gold (XAUT) – a stablecoin allowing ownership of one troy ounce of gold held in a Swiss vault controlled by the company – was released on Jan. 23. According to The Wall Street Journal, the commodity set a new record for closing price at $1,897.50 on July 24, but has yet to reach its record intraday high of $1,921 from 2011.

[ZH: Spot Gold has since reached a record high]

The surge comes just three days after the U.S. government announced a second stimulus bill to counter the economic impact of the COVID-19 pandemic.

“In times of uncertainty, people like having accessibility to gold,” said Paolo Ardoino, Tether Chief Technology Officer (CTO).

“Tether Gold is clearly a product that resonates in these times."

Bitcoin or gold?

The price of Bitcoin (BTC) briefly rose above $10,000 today after a particularly long stretch of low volatility between $9,000-$9,500. 

However, for gold bugs like Peter Schiff, traders who invest in Bitcoin are not looking for stability. He said that investors aren’t going to “get rich on gold” — or, consequently, gold-backed stablecoins — but they assume less risk in losing more from volatile crypto prices. 

Today Schiff continued to push the idea that “a big drop” in BTC price was inevitable:

Meanwhile, Tether’s USD-backed stablecoin (USDT) reached a market capitalization of more than $10 billion on July 22.


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