Tether, the stablecoin issuer, has announced the listing of Euro Tether (EUR₮) and Tether Gold (XAU₮) on XT.COM, a socially integrated exchange. This development allows users on the platform to access XAU₮, representing ownership of physical gold, and transact with EUR₮, a stablecoin pegged 1:1 to the euro.
The expansion of Tether's offerings comes at a time when the stablecoin industry is facing increased scrutiny. The addition of EUR₮ and XAU₮ on XT.COM provides users with access to two stablecoins developed by Tether, as stated in the company's announcement. Paolo Ardoino , Tether's CTO, emphasized their commitment to financial freedom and economic inclusion in the global community.
Tether introduced XAU₮ in 2020, representing ownership of one troy ounce of gold stored in Swiss vaults under Tether's control. On the other hand, EUR₮ is a stablecoin pegged to the euro and backed by Tether, mirroring the euro through a decent ralized network.
Currently, XAU₮ and EUR₮ have market caps of $474 million and $44 million, respectively. Although these figures are smaller compared to Tether's USDT backed by the US dollar, the two stablecoins have seen successful listings in various instances.
In June, Tether achieved another significant milestone by signing a memorial of understanding (MOU) with the Georgia state government, aiming to position the country as a global hub. The dominance of USDT has grown significantly in the past year, driven by the banking crisis and subsequent turmoil in the stablecoin market, which resulted in its issuance peaking at over $83 billion.
