Key Takeaways
- Tether has launched Scudo, a new unit of account equal to one-thousandth of a troy ounce of gold, for its XAU₮ token.
- The move comes as gold prices reach record highs and demand for gold-backed digital assets continues to surge.
Tether, the stablecoin issuer, today launched Scudo, a new initiative designed to make its gold-backed token XAUT more accessible and transactable on-chain.
XAUT is a digital token that represents ownership of physical gold stored in secure vaults. The token can be transferred to any blockchain address and redeemed for actual gold bars.
Scudo enables fractional gold ownership on blockchain networks, with each unit representing one-thousandth of a troy ounce, making it easy to transfer and hold gold-backed assets via smart contracts.
The launch expands Tether’s gold-backed offerings by improving on-chain transaction capabilities in decentralized environments.
Source: https://cryptobriefing.com/tether-scudo-gold-xaut-launch/
