Trading of Tether Gold ($XAUT ) is already open on the #Binance
The #Tether and Binance, two of the largest companies in the cryptocurrency market, announced news this week regarding Tether Gold (XAUT), a gold-backed cryptocurrency.
While the broker announced the listing of XAUT, the issuer of the USDT stablecoin stated that it will be minting its gold token on BNB, just as it does on other networks.
Although gold has outperformed other investments in recent years, attracting more and more investors, Bitcoin has gained 25% over the metal since the onset of conflicts in Iran.
Binance announces the listing of XAUT, a gold-backed cryptocurrency by Tether
In a note published this Thursday (26), Binance announced that it will be listing Tether Gold (XAUT) on the spot market through five pairs: XAUT/USDT, XAUT/BTC, XAUT/U, XAUT/USDC, and XAUT/TRY.
Trading opened at 11:00 AM Brasília time. Withdrawals of XAUT will be released this Friday (27) at 10:30 AM.
“Tether Gold (XAUt) is a product developed to combine the benefits of physical and digital assets, allowing its holders to own physical gold in the form of a digital token,” explained Binance.
In conclusion, the broker notes that $1.3 million in XAUT will be allocated for future marketing campaigns.
Also this week, Binance added trading of perpetual contracts for Meta, Nvidia, and Google stocks on its platform. The additions show a demand for these investments beyond cryptocurrencies themselves.
Tether reveals that it will be issuing its gold cryptocurrency on the BNB Chain
In a note published on its blog, Tether stated that it will be issuing XAUT on the BNB network, linked to Binance. Based on the dates of the publications, the actions of the two companies appear to be coordinated.
“People understand gold. They trust it because it has preserved value for millennia,” said Paolo Ardoino, CEO of Tether. “With XAUT, we are not changing what gold is; we are making it usable in a modern financial system. You still have direct exposure to physical gold, but now it can move instantly, settle globally, and integrate smoothly with digital markets.”
“The listing on the BNB Chain expands this access to hundreds of millions of users, bringing gold into a system where it can actually be used, and not just stored.”
Data from CoinStats indicates that XAUT is the 33rd largest cryptocurrency in the world, with a market value of $2.45 billion at the time of this writing.
Interestingly, despite the integration of XAUT into the BNB Chain, USDT, Tether's main product, is still not issued by the company on this network.