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The stablecoin issuer has revealed the listing of Euro Tether (EUR₮) and Tether Gold (XAU₮) on XT.COM, which is being promoted as the “world’s first social-infused exchange.” This recent development will allow users on the platform to access XAU₮ – which signifies ownership of physical gold – as well as to conduct transactions with EUR₮ – a stablecoin pegged 1:1 to the euro.
This expansion announcement arrives amid growing scrutiny within the stablecoin industry.
- The inclusion of EUR₮ and XAU₮ will also provide users on XT.COM with access to two stablecoins created by Tether, as stated by the company.
- Tether CTO Paolo Ardoino commented on the forthcoming listings and remarked,
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“As the organization behind the leading stablecoin in the market today, recognized for its outstanding liquidity, expanding market share, and broad acceptance, this further underscores our unwavering commitment to facilitating financial liberation and promoting economic inclusivity for communities around the globe.”
- Introduced by Tether in 2020, XAU₮ signifies ownership of one troy ounce of gold stored in a Swiss vault managed by the company.
- Conversely, EUR₮ is a euro-pegged stablecoin also backed by Tether that reflects the euro through a decentralized network.
- At present, XAU₮ and EUR₮ have market capitalizations of $474 million and $44 million, respectively. Although these figures are significantly overshadowed by the US dollar-backed USDT, the two stablecoins have successfully achieved several listings.
- In another notable achievement for the company, Tether entered into a Memorandum of Understanding (MOU) with the government of Georgia in June to establish the country as a global hub.
- USDT’s dominance has increased considerably over the past year, largely due to the banking crisis and the resulting turbulence in the stablecoin market that led to its circulation surpassing $83 billion.
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