Blockchain
Bitfinex is the first to list aUSDT, a gold-backed Tether asset
Bitfinex, a leading digital asset trading platform, announced its pioneering move to become the first exchange to list a USDT, a USD-denominated tied asset from Alloy by Tether, according to blog.bitfinex.com.
A new approach to digital currency
This innovative offering introduces a new concept to the digital currency space by tying its value to Tether Gold (XAU₮), which is backed by the stability of physical gold. The asset employs stabilization strategies such as overcollateralization and secondary market liquidity pools to ensure consistent value alignment with the reference asset. In essence, aUSDT offers a digital currency similar to traditional currencies but with greater stability and reliability thanks to its direct connection to gold collateral.
Main features of aUSDT
The main feature of aUSDT is its role as a stable unit of account backed by Tether Gold. This ensures that the value of each token aligns with the relative stability of physical gold, while leveraging the efficiency and accessibility of the ERC-20 token standard. This setup allows for 24/7 global trading and potentially wider adoption. For institutions, aUSDT offers convenient transactions with the value of each token backed by physical gold, combining the security of gold with the efficiency of digital assets.
Strategic availability and trading program
aUSDT will be available through two licensed entities, Moon Gold NA, SA de CV and Moon Gold El Salvador, SA de CV, tailored to specific customer segments. One entity will exclusively serve Eligible Contractual Participants (ECPs), while the other will serve all other customers. This strategic decision underlines Bitfinex’s commitment to providing customized solutions that meet diverse regulatory requirements and customer needs.
aUSDT deposits on Bitfinex will be available around 14:30 UTC on June 17, 2024, subject to network conditions. Trading is expected to begin around 10:00 UTC on June 19, 2024, subject to liquidity requirements being met. aUSDT will be tradable against US dollars (aUSDT/USD) and Tether tokens (aUSDT/USDt).
Industry reactions
Henry Child, Head of Tokens at Bitfinex, commented on the listing: “Tether’s commitment to innovation shines through with aUSDT, which introduces a new concept of tied assets that we have never seen before. We are excited to add the aUSDT token to Bitfinex the platform’s vast range of token offerings.”
Access and compliance
To gain access to aUSDT on Bitfinex, customers can visit the Bitfinex website. All users of the platform are subject to Bitfinex’s terms of service (TOS). US persons, among other prohibited persons, are strictly prohibited from directly or indirectly holding, owning, or managing an account on the Platform.
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering cutting-edge services for global traders and liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer funding, an OTC marketplace, and margin trading for a wide selection of digital tokens. Bitfinex focuses on providing unprecedented support, tools and innovation for expert traders and liquidity providers around the world.
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