Tether, the issuer of USDT, announced a new gold-backed stablecoin. This token is to be issued on the Ethereum and Tron blockchains.
Tether released a press release claiming that their new fortune is cool because they have gold in a secret Swiss vault.
The stablecoin masters (we all know this company for USDT) created a new token that is tied to gold. According to the Tether press release, the so-called “Tether Gold” (XAUT) represents one troy ounce within the gold bars. These shiny pieces of evil are in the Tether’s private safe. New tokens are rolled on the TRON and Ethereum blockchains. These are TRC-20 and ERC-20 tokens, each of which is deposited with precious metal.
In an email to the news agencies, the Tether spokesman said that global demand for gold had increased. The geopolitical need for an alternative financial system is the main reason behind the creation of the gold-backed cryptocurrency.
The location was not specified in the press release issued by the Tether representative. They did not provide a company name or other specifications regarding the Swiss Vault. Which bank or institution helps the company? Tether assures investors that they have “direct control” over the gold bars.
In addition, there are no storage fees.
Paolo Ardoino, CTO Tether, says the new asset offers both the stability of gold and the speed of virtual assets. The asset serves as a gold substitute for those who wish to buy and store gold. Sometimes people can’t afford to build a special vault or use a bank vault, so the offer is clear.
Tether’s attempts to print more money are getting ridiculous
A press release from a company like Tether might look real a few years ago. At that time, the community was in a dream state and saw the cryptocurrencies as a tool to solve the problems.
Nowadays, wise crypto users perfectly see that cryptocurrencies can also cause big problems. They shoot traders themselves, innocent people go to jail, ICO scammers take millions and wash away. And the bankers are still printing money in a way that Bitcoin has never seen before.
Optimists, newbies, and longtime owners are only those who still believe in a crypto ideology behind Bitcoin. If we look more pragmatically at the industry, we can see that the whole truth is on the surface.
Tons of information are given out by NYOAG, Decrypt.co, Bitsonline, Bitfinexed. And a few courageous journalists like Paul de Havilland alias Draftkilla or James Edwards alias Cryptomedication. The fact that Tether Stablecoin is empty as a Dao is pretty obvious. And this is one of the hidden reasons behind Bitcoin’s constant rollbacks to the 8K values.
Many of the dealers don’t want to admit that. But this industry is flawed to the core with Tether’s investments and bad economic decisions. Dozens of shitcoins that she and her partners pour on exchanges mimic and block natural growth.
Mainstream adoption has become an impossible long-term goal. But the hope is still there. NYOAG has too much evidence of the Tether’s involvement in QuadrigaCX scam, Crypto Capital kitchen, and some other scam cases.
The newly leaked document shows that the Quadriga fraud investigators are seeking help from a number of controversial people. Half of them are already under investigation, including Crypto Capital. You are on the way to uncover the Quadriga CEO fraud cases. He and Tether were probably involved in such a harsh drug trafficking and money laundering system.
It may seem very unlikely that Tether has gold. Without photos, videos, and documents to prove the vault’s existence, their words may turn out to be a lie. We, ladies and gentlemen, can sit comfortably, eat popcorn, drink Coke and watch what will happen next.
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Jeff Fawkes is a seasoned investment professional and cryptanalyst. He has a double degree in business administration and creative writing and is passionate about how technology affects our society.
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