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Trading: good start for Tether Gold
Trading: good start for Tether Gold
Stable Coin

Trading: good start for Tether Gold

By Marco Cavicchioli - 27 Jan 2020

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Good start for the trading volumes of Tether Gold (XAUT) on Bitfinex. The stablecoin collateralized with gold, which was launched just a few days ago, has already increased more than 1% in a couple of days. 

It may seem a derisory figure, but since its value is anchored to that of gold it should be viewed as a significant increase. 

Its price is currently at around $1,585, slightly higher than the price of the gold ounce itself, which is at around 1,583. 

It should be remembered that every single XAUT token is collateralized with a gold ounce, so its price should faithfully reproduce exactly that of an ounce of the precious metal. 

Moreover, TradingView has also added a chart to keep an eye on the price fluctuations of XUAT in dollars on Bitfinex. 

The official Twitter profile of Tether Gold comments saying: 

“A big start for Tether Gold”. 

Tether’s CTO, Paolo Ardoino, has also published a screenshot with the volumes of January 25th, showing how in 24 hours the trading volume of XAUT in USD on Bitfinex was almost $150,000, with $86,000 traded in BTC and just over $11,000 in USDT. 

https://twitter.com/paoloardoino/status/1221030803326545920

In the meantime, these volumes have grown further, exceeding $500,000 in the last 24 hours. 

There are also those who have pointed out, however, that XAUT transactions on the Ethereum blockchain are still extremely low

There are a total of only 11 transactions made by 5 wallets, compared for example to the 36,511 Digix gold (DGX) transactions made by 1,773 addresses, although DGX has existed for 675 days, while XAUT only for 18, with the first day of trading between users being 3 days ago. 

For now, Tether Gold is primarily only traded on Bitfinex as a crypto equivalent of gold, the ultimate safe haven asset, and there seems to be interest in trading. 

In the future it might be possible to withdraw XAUT from Bitfinex and traded it from wallet to wallet in P2P mode. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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