Tether CTO Asserts $XAUT as the Digital Resurgence of the Gold Standard
Terrill Dicki Jul 07, 2023 01:39
Paolo Ardoino, Tether's CTO, recently discussed the role of Tether Gold ($XAUT), Bitcoin, and gold in the evolving economic landscape.
Paolo Ardoino, Tether's CTO, recently discussed the role of Tether Gold ($XAUT), Bitcoin, and gold in the evolving economic landscape. Ardoino emphasized the similar characteristics shared by Bitcoin and gold, namely their limited supply and the complexity of extraction. However, he pointed out gold's physical limitations, such as weight and the need for secure storage, which inspired Tether's creation of $XAUT.
He clarified that $XAUT, a digital token backed 100% by physical gold, isn't competing with Bitcoin but offers an alternative to traditional fiat money. Despite Bitcoin's unique properties, he acknowledged that its understanding remains a challenge for many. Tether is thus committed to the long-term project of Bitcoin education.
Ardoino portrayed $XAUT as an accessible first step towards moving away from fiat money and into the digital paradigm. He also revealed the growing recognition of $XAUT, with a market cap of ~$500 million, global trading support, and potential adoption by banks as an inflation hedge. He concluded by stating that Tether Gold is effectively resurrecting the gold standard in a digitized form.
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