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Gold token,Tether Gold announces its availability on Celsius Network

Tether Gold (XAU₮), a digital asset providing ownership of physical gold (XAU) custodied in Switzerland, has announced that it is now available on Celsius Network, a provider of cryptocurrency interest-earning platform.

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. Through the collaboration, XAU₮ holders will be able to deposit their holdings to the Celsius wallet and earn up to three percent APY from Celsius Network.

The XAU₮ token can be transferred to any on-chain address from the purchasers’ Tether wallet where it is issued after purchase. Specific gold bar(s) will be associated with each on-chain address where Tether Gold is held.

“Tether Gold’s addition to Celsius’s market-leading platform is a great endorsement of Tether Gold, and will enable our growing customer base to earn interest on their holdings from Celsius. In these times of economic uncertainty and seemingly endless quantitative easing, we are seeing growing demand for Tether Gold. We anticipate a ready appetite for holding Tether Gold on such a rewarding and innovative platform,” said Paolo Ardoino, CTO at Tether.

Currently, XAU₮ has a market capitalization of about $84 million, is a gold-backed stablecoin. It combines the best of three: ownership of gold which is intended to provide direct exposure to the price of gold, the ease of accessibility of traditional assets such as Exchange Traded Funds (ETFs), and the transactional utility of a digital token.

While the underlying physical gold will remain in the custodian’s vaults, XAU₮ will facilitate essential economic qualities of gold from ownership and value to seamless flow around the world. It is available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain. The token can be traded or moved easily at any time, anywhere in the world.

Founded in 2017, Celsius Network is a Blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. According to company data, the FinTech has $5.47 bn in loan origination, $610 mn in assets and 87k+ active wallets.

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