Tether Launches Gold-Backed ‘Synthetic’ Dollar Stablecoin

Tether on Monday launched Alloy, a gold-backed stablecoin pegged to the US dollar. This marks the issuer’s tethered asset debut, with Alloy mintable through the new platform. Tethered assets are “designed to track the price of a specific reference asset, such as the US Dollar,” the company said. They accomplish this using stabilization techniques such as over-collateralization. Tether Gold (XAUt), a token representing physical gold ownership, will back Alloy. It will maintain its value relative to the US dollar. Allow is aimed at users interested in utilizing cryptocurrency for payments and remittances, while retaining their holdings.

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