Tether’s Gold-Backed Stablecoin in Demand as Commodity Hits ATH
The Tether Gold stablecoin was valued at $1,902 on July 24, putting the price of gold within reach of the commodity’s all-time high set in September 2011.
Gold has risen 22.7% from $1,550 to $1,902 since Tether Gold (XAUT) — a stablecoin allowing ownership of one troy ounce of gold held in a Swiss vault controlled by the company — was released on Jan. 23. According to The Wall Street Journal, the commodity set a new record for closing price at $1,897.50 on July 24, but has yet to reach its record intraday high of $1,921 from 2011.
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