The stablecoin issuer has announced the listing of Euro Tether (EUR₮) and Tether Gold (XAU₮) on XT.COM, touted as “the world’s first social-injected exchange.” The latest move allows users on the platform not only to access XAU₮, which represents physical gold ownership, but also to trade the euro with EUR₮, a stablecoin pegged at 1:1. It will be possible.
The news of the expansion comes amid heightened scrutiny in the stablecoin space.
- With the addition of EUR₮ and XAU₮, users of XT.COM will also be able to access two stablecoins developed by Tether, the company announced. statement.
- Discussing the upcoming listing, Tether CTO Paolo Ardoino said:
“As the company behind today’s market-leading stablecoin, recognized for its exceptional liquidity, growing market share, and wide acceptance, this unlocks financial freedom and It further underscores our firm commitment to promoting the economic inclusiveness of our communities.”
- Launched by Tether in 2020, XAU₮ represents ownership of 1 troy ounce of gold held in a Swiss vault controlled by the company.
- EUR₮, on the other hand, is a Euro-pegged stablecoin also supported by Tether that mirrors the Euro through a decentralized network.
- Currently, XAU₮ and EUR₮ have market caps of $474 million and $44 million respectively. The two stablecoins have seen some listings, even though this figure is significantly smaller than the USD-backed USDT.
- In a more significant milestone for the company, Tether signed a memorandum of understanding (MOU) with the government of Georgia in June to position the country as a global hub.
- USDT’s dominance has increased significantly over the past year or so due to the banking crisis and subsequent turmoil in the stablecoin market, peaking at over $83 billion in circulation.
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