Tether, the stablecoin issuer, has announced the listing of two new stablecoins, Euro Tether (EUR₮) and Tether Gold (XAU₮), on XT.COM, which is being hailed as the “world’s first social-infused exchange.” This move allows users on the platform to access XAU₮, representing ownership of physical gold, and transact with EUR₮; a stablecoin pegged 1:1 to the euro.
The expansion news arrives during increased scrutiny in the stablecoin sector. Tether’s statement reveals that the addition of EUR₮ and XAU₮ will provide users on XT.COM with access to two stablecoins developed by Tether.
Paolo Ardoino, Tether’s CTO, expressed his thoughts on the upcoming listings, stating, “This further emphasizes our steadfast commitment to unlocking financial liberation and fostering economic inclusivity for communities worldwide.” In 2020, Tether introduced XAU, which stands for ownership of one troy ounce of gold stored in a Swiss vault under the company’s custody. EUR₮, on the other hand, is a euro-pegged stablecoin supported by Tether that mirrors the euro through a decentralized network.
Currently, XAU₮ and EUR₮ have market caps of $474 million and $44 million, respectively. Although dwarfed by the US dollar-backed USDT, these two stablecoins have secured several listings. Tether’s signing of a Memorandum of Understanding (MOU) with Georgia’s government in June to position the country as a global hub also marks a significant milestone for the company.
USDT’s dominance has grown significantly in the past year due to the banking crisis and subsequent turbulence in the stablecoin market.
