Tether Gold (XAU₮) Reaches Market Cap of $21 Mln, Surpassing Biggest Rival

News
Wed, 03/04/2020 - 10:19
Yuri Molchan
The gold-pegged Tether stablecoin (XAU₮) has reached a market cap of $21 million, pulling ahead of its nearest rival and aiming to become the biggest gold-backed coin
Cover image via www.shutterstock.com

Tether Gold is a stablecoin backed by physical gold (XAU). Its market cap has recently grown over $21 mln, thus surpassing other digital assets that expose investors to XAU.

A press release shared with U.Today says that Tether Gold has now surpassed its closest peer, PAX Gold, in market cap and in investor demand.

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Paolo Ardoino, the CTO at Tether, believes that in the near future the market cap of Tether Gold will reach at least $100 mln. He says:

“Tether Gold has had a really great start. But I believe that this is nothing in comparison to the potential of this new asset, especially in the context of increased investor interest in risk diversification and capital safety against political uncertainty.”
“Tether Gold offers diversification in terms of risk and volatility and I expect it to reach a market capitalization of at least $100 million.”

Over the past year, the spot price of gold went up by about 24 percent, hitting $1,603 per ounce. Various market data shows that investor interest in gold is growing.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.


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