The issuer of the stablecoin announced the listing of Euro Tether (EUR₮) and Tether Gold (XAU₮) on XT.COM, which is touted as the “world’s first social exchange.” The latest move will allow users of the platform to access XAU₮, which represents ownership of physical gold, as well as the ability to transact with EUR₮, a stablecoin pegged 1:1 to the euro.
News of the expansion comes amid increasing scrutiny in the stablecoin sector.
The addition of EUR₮ and XAU₮ will also allow XT.COM users to gain access to two stablecoins developed by Tether, the company said in a statement. Tether CTO Paolo Ardoino weighed in on the upcoming listings, stating:
“As the company behind today’s market-leading stablecoin, renowned for its exceptional liquidity, expanding market share, and broad acceptance, this further underscores our steadfast commitment to unlocking financial liberalization and fostering economic inclusion. for communities around the world.
Launched by Tether in 2020, XAU₮ represents ownership of one troy ounce of gold in a company-controlled Swiss vault. EUR₮, on the other hand, is a euro-pegged stablecoin also backed by Tether that mirrors the euro through a decentralized network. XAU₮ and EUR₮ currently have market capitalizations of $474 million and $44 million, respectively. Despite the numbers being massively dwarfed by the US dollar-backed USDT, the two stablecoins have managed to garner several listings. In another important milestone for the company, Tether signed a Memorandum of Understanding (MOU) with the Georgian government in June to position the country as a global hub. USDT’s dominance grew significantly in the past year due to the banking crisis and subsequent turbulence in the stablecoin market that saw its circulation peak at $83 billion.
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This post Tether Announces Expansion Of Euro EURT, XAUT On ‘World’s First Infused Social Exchange’
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