Key Takeaways
- Tether has launched Scudo, a brand new unit of account equal to one-thousandth of a troy ounce of gold, for its XAU₮ token.
- The transfer comes as gold costs attain document highs and demand for gold-backed digital belongings continues to surge.
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Tether, the stablecoin issuer, right this moment launched Scudo, a brand new initiative designed to make its gold-backed token XAUT extra accessible and transactable on-chain.
XAUT is a digital token that represents possession of bodily gold saved in safe vaults. The token may be transferred to any blockchain handle and redeemed for precise gold bars.
Scudo permits fractional gold possession on blockchain networks, with every unit representing one-thousandth of a troy ounce, making it simple to switch and maintain gold-backed belongings through good contracts.
The launch expands Tether’s gold-backed choices by bettering on-chain transaction capabilities in decentralized environments.
