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BTSE Exchange lists Tether Gold amid growing interest around the precious metal

BTSETether Gold (XAU₮), a digital asset providing ownership of physical gold (XAU) custodied in Switzerland, has announced that it has been listed on BTSE, a leading FinTech exchange, as demand increases for the world’s most enduring asset.

Gold has long been a trusted store of value, particularly during market volatility. Increased market shocks resulted due to 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 $1,760 per ounce.

Tether Gold (Gold) is a digital asset offered by TG Commodities Limited. One full XAU₮ token represents one troy fine ounce of gold on a London Good Delivery bar. Each XAU₮ represents ownership of one troy fine ounce of physical gold on a specific gold bar. The allocated gold is identifiable with a unique serial number, purity and weight. At any time, XAU₮ holders can check the details of the gold bars associated with their address through the Look-up website.

XAU₮ is available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain. Owning physical assets on the blockchain provides holders with the combined benefits of both physical and digital assets. XAU₮ token holder will be able to experience ownership of gold while avoiding drawbacks associated with physical gold, such as high storage costs and limited accessibility. 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.

“We are very excited to announce that Tether Gold will be the twentieth currency available on the BTSE Exchange. 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,” said Jonathan Leong, CEO and Co-Founder of BTSE.

BTSE is the third cryptocurrency exchange to list XAU₮. Recently the gold token was made available on Celsius Network. 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).

“Tether Gold is growing from strength to strength. 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,” said Paolo Ardoino, CTO at Tether.

XAU₮, which currently has a market capitalisation of approximately $87 million, is the biggest gold-backed stablecoin. By adding Tether Gold, BTSE is enabling its users to purchase ownership of gold in small amounts, providing greater access to a broader range of users. The FinTech exchange is planning to launch BTSE Debit Card for use at more than 53 million Mastercard merchants worldwide.

Founded in 2018, BTSE utilises a combination of proven technologies from the institutional trading landscape and cutting-edge Bitcoin technology to facilitate a secure, and efficient trading experience. Its mission is to use Bitcoin and digital asset technologies to build the suite of services that empower users to take control of their financial freedom. The Tether Gold listing is a part of this mission while strengthening the connection between traditional fiat markets and cryptocurrency derivatives.

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