‘Like sats for Bitcoin’: Tether creates tiny gold unit as onchain demand grows
The stablecoin issuer says its Scudo unit could make gold easier to transact digitally as prices surge and institutional demand accelerates.
Tether has introduced a new unit of account tied to its digital gold token, XAUT, in a move aimed at lowering barriers to fractional gold ownership at a time when institutional investors and central banks are accumulating the precious metal at record levels.
On Tuesday, the stablecoin issuer unveiled Scudo, a unit of account representing one-thousandth of a troy ounce of gold.
Each Scudo corresponds to 1/1,000 of an XAUT token, Tether’s gold-backed asset. XAUT is supported by more than 1,300 gold bars held in custody and currently has a market capitalization of roughly $2.3 billion, according to Tether.