ROAD TOWN, British Virgin Islands, July 24, 2020 – Tether Gold (XAU₮), a digital asset providing ownership of physical gold (XAU) custodied in Switzerland, has witnessed increasing demand as the price of gold surpasses US$1,900 a troy ounce amid increasing geopolitical tensions.
Gold has enjoyed its longest winning streak since 2011 as the global COVID-19 crisis shows no signs of abating, and a deepening diplomatic row between the US and China unsettles investors. The metal is now approaching its record intraday high of US$1,921 set in September 2011, having risen about a quarter this year — making it one of the best-performing assets in 2020.
“The creators of Tether felt individuals would also appreciate a blockchain-based token that provides exposure to gold without annual fees, while no one could, of course, have anticipated the severe challenges that we’ve all had to adapt to in 2020, it is clear that in times of uncertainty people like having accessibility to gold. Tether Gold is clearly a product that resonates in these times.” – said Paolo Ardoino, CTO at Tether.
Gold’s ascent has come amid a backdrop of unprecedented monetary stimulus from central banks to counter the impact of the pandemic.
XAU₮ combines the best of three distinct worlds: 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. XAUt removes a great deal of friction and cost associated with owning gold. While the underlying physical gold will remain in the custodian’s vaults, XAUt will facilitate key economic qualities of gold – such as ownership and value – to flow seamlessly around the world.
About Tether Gold
XAU₮ is a digital asset offered by TG Commodities Limited. One XAU₮ token represents one troy fine ounce of gold on a London Good Delivery gold bar.
Holders of XAU₮ obtain the combined benefits of both physical and digital assets. XAU₮ token holders are able to enjoy ownership of gold while avoiding drawbacks associated with physical gold, such as high storage costs, limited transferability and limited accessibility.
Today, Tether Gold (XAU₮) offers zero custody fees and has direct control over the physical gold storage, safely held in a Switzerland vault, adopting strong security and anti-threat measures.
For more information on XAU₮, please visit: https://gold.tether.to/
This press release is not an offer to sell or the solicitation of an offer to buy XAU₮. TG Commodities Limited will only sell or redeem XAU₮ pursuant to its terms of sale and service available (as of the date of this press release) at gold.tether.to/legal.
Certain statements in this press release may be forward-looking in nature. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. Neither TG Commodities Limited nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.