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Tether stablecoins company launched stable XAUT coins in January 2020. Tether Gold, as the name implies, is tied to gold. It became known that by March 5, the capitalization of this asset reached $ 21 million, and now Tether Gold is the largest stablecoil based on precious metals.
The issuing company notes that the new stablecoin Tether managed to overtake another asset tied to gold by $ 3 million in terms of capitalization – PAX Gold (PAXG). The company’s technical director Paolo Ardoino said that the stablecoin Tether Gold performed very well, despite the fact that it just appeared on the cryptocurrency market. Its potential in the context of investor interest in risk diversification is huge. Against the backdrop of political instability, it is a digital asset tied to gold that is in demand by players, the specialist summarizes.
Ardoino expects stablecoin capitalization to test $ 100 million mark
XAUT gives you the right to own one troy ounce of precious metal, which is stored in Swiss cells.
Recall, the main stablecoin of the company – Tether USDT – has a capitalization of $ 4.65 billion.
A gold-based stablecoin has become popular for a reason. Analysts believe that Bitcoin could not become a digital form of precious metal. And the attention of the crypto community was shifted to a digital instrument tied directly to gold.
In general, the topic of correlation, some kind of connection between bitcoin and gold, leaves many questions. The existence of a correlation of two assets is a highly controversial opinion.
Some experts, such as Matum Greenspan of Quantum Economics, have noted a “strange” similarity in the dynamics of bitcoin and gold prices during the recent short-term geopolitical instability. However, Greenspan also acknowledged that bitcoin is still an emerging technology at high risk.
Other experts, such as Morgan Creek Digital partner Anthony Pompliano, are firmly convinced that Bitcoin is an absolutely uncorrelated asset.