Key Takeaways:
- Tether introduces Alloy (aUSDT), a new gold-backed stablecoin pegged to the U.S. dollar.
- Alloy is overcollateralized by Tether Gold (XAUt) and allows users to transact with a synthetic dollar backed by gold.
- Tether plans to integrate Alloy into a broader real-world asset tokenization platform and is offering a 2:1 bonus to USDT holders.
Tether has introduced a new gold-backed stablecoin called Alloy (aUSDT), pegged to the U.S. dollar.
This is Tether’s first asset of this type, available on the Alloy by Tether platform.
aUSDT, the first Tethered asset, just launched!
— Paolo Ardoino 🤖🍐 (@paoloardoino) June 17, 2024
aUSDT is a synthetic dollar over-collateralised by XAUt (Tether Gold).
Alloy by Tether is an open platform that allows to create collateralised synthetic digital assets and will soon be part of the new @Tether_to digital assets… https://t.co/J8JyWt9duh
Alloy is overcollateralized by Tether Gold (XAUt), which represents ownership of physical gold, and mimics the value and functionality of the U.S. dollar through synthetic means.
Alloy provides a way for holders to maintain gold exposure while using a dollar-referenced asset for transactions.
Users can mint aUSDT by depositing XAUt through a smart contract, allowing them to transact with a synthetic dollar backed by gold.
Tether Announces Launch of Alloy by Tether : A New Digital Asset Backed by Tether Gold.
— Tether (@Tether_to) June 17, 2024
Follow: @Alloy_Tether $aUSDT
Read More:https://t.co/HWT0Slr85j
Tether plans to integrate Alloy into a larger real-world asset tokenization platform launching later this year.
The platform may also feature other tethered assets and yield-bearing products.
Additionally, Tether is offering a 2:1 bonus to USDT holders, with 10 million aUSDT allocated for this incentive.
[𝕏] @Alloy_tether releases introduction video: $aUSDt is over-collateralised on-chain by #Tether Gold $XAUt, merging the dollar utility with the millennial store of value gold https://t.co/TvwySEzzeL pic.twitter.com/j12KlDmBXh
— BecauseBitcoin.com (@BecauseBitcoin) June 17, 2024
Similar synthetic dollar assets, like Galoy’s Bitcoin-based Stablesats and Ethena Labs’ Ether-backed USDe, have also gained attention recently.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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