The stablecoin Tether Gold (XAUT) has been listed on DeversiFi, the decentralized exchange of Bitfinex.
Traders can now gain exposure to physical gold, directly from their private wallets.
— DeversiFi (@deversifi) February 17, 2020
DeversiFi is the former ETHFinex, the Bitfinex platform where it was possible to trade ERC20 tokens and participate in token sales. A while ago the team underwent a rebranding, partly to announce its independence from Bitfinex.
Today, according to what the company said on Twitter, Tether Gold, the new Bitfinex stablecoin pegged to gold, has been listed on DeversiFi, allowing users to keep this coin on a decentralized and therefore obviously non-custodial platform.
Furthermore, it will be possible to trade Tether Gold for Tether Dollar (USDT) on the exchange, the other Bitfinex stablecoin that is pegged 1 to 1 with the US Dollar.
Tether Gold (XAUt) non-custodial spot trading via @deversifi 🤯
Sure that many more exchanges and traders will soon realize that Tether Gold offers a unique product from the risk management / hedging point of view 🚀
— Paolo Ardoino (@paoloardoino) February 17, 2020
Moreover, still in the blog post published today, it is said that in March 2020 DeversiFi will be updated so that it will be possible to do on-chain trading through the StarkWare layer 2 solution.
Tether Gold vs Tether dollar
“I’d be interested to see Tether Gold volumes grow to Tether Dollar levels, since for all the stablecoins pegged to the price of the dollar, transactions pass through one of the seven sisters banks, hence they are more centralized”.
A few days ago Tether also landed on the Algorand blockchain, following the support of Ethereum, EOS, Liquid Network, Omni and TRON.
On that occasion, Ardoino had declared:
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions. Tether and Algorand both share a desire to keep building next-generation financial products and we feel our growing customer base will appreciate and benefit greatly from this collaboration”.