- ICRYPEX continues to expand its portfolio of products that it offers to its users.
- The platform lists Tether Gold (XAU₮), a stablecoin representing ownership of gold.
January 9, 2023: Tether Operations Limited (Tether), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, announced today that Tether Gold (XAU₮) will be listed on ICRYPEX, one of Turkey’s leading cryptocurrency trading platforms. With this listing, ICRYPEX users can buy and sell XAU₮, a crypto asset that represents ownership of physical gold held in a vault in Switzerland.
The global crypto market has varied stablecoins that differ from each other on the basis of their backing to different commodities. Amongst these stablecoins, Tether Gold (XAUT) has its own specific recognition. Since its launch in 2020 by the Tether’s developers, XAUT is quite well known across crypto space. It is special as it is directly pegged to the prices of ‘gold’ enabling users to do easier and faster transactions, seeking to buy and sell or invest in gold. Given the availability of Tether Gold 24/7, it becomes easier for Traders to quickly buy, sell, transfer and track its trading price regularly.
“Tether Gold stands out as a gold-backed stablecoin”
ICRYPEX CEO Gökalp İçer said, who made statements about the listing of Tether Gold, said, “Stablecoins are of great importance in the crypto markets, especially for investors who want to reduce risk. Although most of the stablecoins are backed with USD, stablecoins that perform price movements backed by other fiat currencies and commodities are also preferred by ICRYPEX users. Tether Gold is a stablecoin that represents ownership of physical gold, so it makes price movements that are connected to gold prices. ICRYPEX users will now be able to buy and sell Tether Gold and have exposure to the change in gold prices with the simplicity of buying and selling crypto.”
Tether CTO Paolo Ardoino added his views on Tether Gold’s listing in ICRYPEX, “We are extremely excited that ICRYPEX has decided to make Tether Gold available on their platform. By gaining access to a trusted stablecoin that represents ownership of physical gold, ICRYPEX users are poised to thrive as they are now able to benefit from owning a scarce and consistently valued commodity as well as hedge against highly volatile fiat inflation rates.”
Important Note:
This press release is not an offer to sell or the solicitation of an offer to buy XAU₮. TG Commodities Limited will only sell or redeem XAU₮ pursuant to its terms of service available (as of the date of this press release) at gold.tether.to/legal.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/10/tether-gold-xau%E2%82%AE-goes-live-on-icrypex/