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DeversiFi have listed Tether Gold (XAU₮) making them the first non-custodial exchange platform to do so.
The formality of the listing occurred two days ago and so this means that any traders hoping to buy, sell or store Tether Gold (XAU₮) can head over to DeversiFi immediately and do so by making use of a USDT trading pair. Those looking to get started can trade XAU₮ via their private wallets with the support of leading providers in this area including the likes of MetaMask, Ledger, Portis, Trezor or Keystore. This means that they will also maintain custody of their digital assets also.
The listing also means that traders can gain access to physical gold by using their physical wallets – with this being the central concept of the Tether Gold (XAU₮) product. This is because the Tether Gold (XAU₮) is a unique version of a stablecoin that as opposed to being backed by fiat currency is instead pegged to “one troy fine ounce of gold on a London Good Delivery bar”. Hence, providing traders access to physical gold but without the fees generally attached to such processes.
If traders so wish, they can redeem this physical gold once a total of 430 tokens are held by the traders and that they onboard with TG Commodities Limited who will initialise the process. However, while the assets themselves are linked to a physical product, the intrinsic nature of crypto assets remain the same and it be can be transferred to on-chain addresses directly from a Tether. The real gold that is owned is the associated address that holds the Tether Gold (XAUT) tokens.
Of course, as you likely already know, this is an off-shoot from Tether, the USD-pegged stablecoin, and the brains behind the Tether Gold project are the same. Meanwhile, DeversiFi whom we have mentioned on various occasions in recent months is the rebrand of Ethfinex and have been rolling out updates to their services to provide a more complete service to traders. However, this is one of their biggest landmarks to date in terms of newly listed tokens.