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Tether, one of the largest companies in the cryptocurrency sector, has unveiled its new token, Alloy by Tether. This token is backed by Tether Gold (XAUT) and aims to redefine stability in the digital economy by combining the strengths of a stable unit of account with the security and reliability of gold.
Alloy by Tether creates a new category of digital assets known as pegged assets. These are designed to track the price of reference assets through stabilization strategies like over-collateralization, ensuring consistent value and stability between the reference asset and its pegged counterpart.
The first token in the Alloy by Tether series is aUSD₮, a digital currency created to track the value of one US dollar. What makes aUSD₮ robust is its over-collateralization with Tether Gold (XAU₮). This collateral is secured by real physical gold reserves in Switzerland.
Users Can Create aUSD₮ by Pledging Tether Gold
Users can generate aUSD₮ tokens by using Tether Gold (XAU₮) as collateral. This innovative combination allows users to perform digital transactions, payments, and remittances with a widely accepted currency like the US dollar without having to sell their XAU₮ holdings. Currently, Alloy by Tether smart contracts are deployed on the Ethereum Mainnet. Through Ethereum-compatible smart contracts, users can pledge Tether Gold to create aUSD₮. The aUSD₮ smart contract uses Price Oracles to continuously evaluate the Mint to Value (MTV) ratio, ensuring transparency by tracking all collateral and minted tokens.
Alloy by Tether is an open platform that enables the creation of various pegged assets with broader support mechanisms, potentially including yield-generating products. This technology offers a secure, gold-backed digital asset that can be integrated into portfolios, providing a modern approach to asset management for institutions. The issuance and management of the new digital asset are authorized by “Moon Gold NA” and “Moon Gold El Salvador” in El Salvador under the CNAD’s oversight.
Tether CEO Paolo Ardoino commented on Alloy by Tether, stating, “We are thrilled to introduce Alloy by Tether, a digital asset class backed by gold and pegged to a reference fiat currency. While its stabilization mechanism differs from traditional options like USD₮, this innovative solution marks an exciting milestone. We eagerly anticipate its interaction with the sector, as we plan to incorporate this new solution into our upcoming digital asset tokenization platform.”
