• Tether announces the listing of Euro Tether (EUR₮) and Tether Gold (XAU₮) on XT.COM, the “world’s first social-infused exchange”.
• The move will enable users to access XAU₮ – which represents ownership of physical gold – as well as the ability to transact with EUR₮ – a stablecoin pegged 1:1 to the euro.
• This expansion comes amidst increasing scrutiny in the stablecoin sector.
Tether Expands Listing of Stablecoins
Tether, a leading issuer of stablecoins, has announced the listing of Euro Tether (EUR₮) and Tether Gold (XAU₮) on XT.COM, which is being touted as the “world’s first social-infused exchange.” The latest move will enable users on the platform to access XAU₮ – which represents ownership of physical gold – as well as the ability to transact with EUR₮ – a stablecoin pegged 1:1 to the euro.
Increased Scrutiny in Stablecoin Sector
The expansion news comes amidst increasing scrutiny in the stablecoin sector due to its growing popularity and use case scenarios which are being increasingly adopted by financial institutions and other organizations.
What Are XAUT and EURT?
Launched by Tether in 2020, XAU₮ represents ownership of one troy ounce of gold held in a Swiss vault controlled by the company while EUR₮ is a euro-pegged stablecoin also supported by Tether that mirrors the euro via a decentralized network. Currently, XAU₮ and EUR₮ have market caps of $474 million and $44 million respectively.
Benefits for Users
With this listing on XT, users can now benefit from secure transactions using two different types of stablecoins developed specifically for them allowing ease-of-use along with greater economic freedom than fiat currency provides currently without any hassle or fees associated with it.
Statement From Paolo Ardoino
Commenting on this development was Paolo Ardoino, CTO at Tether who said that this further emphasizes their commitment towards unlocking financial liberation and fostering economic inclusion for communities worldwide through their leading product offerings available today in terms of stability coins and other cryptocurrency assets classed under it