Tether launches the Alloy platform, for stable and gold-based crypto assets. Here’s how it will work
THE bitcoiner they often refer to the supposed golden age, when the main currencies had an underlying in… gold or other precious metals. Capitalizing on this narrative, Tether launches Alloya new platform that allows you to issue tokens that have as their underlying XAUT / Tether Gold, the stablecoins anchored to the value of gold.
It is a platform of smart contracts which runs on Ethereum, which for the moment allows the mintingthe creation of a new stablecoin, aUSD and which will soon be made open for the creation of other assets of this type. All Tether which captures 0.25% of the asset creation and destruction operations and an operation based on the possibility of arbitrage by those who have access to mint and destruction of tokens inc ambit of XAUT.
The platform – although the details were not yet known – had already been anticipated by Paolo Ardoino, CEO of Tether, who had indicated the birth of a new category of assets within the world of Tether.
The new gold-based cryptocurrencies
The matter is relatively simple: there are many of them in the world Bitcoin And crypto a reminder of how much better things were when the main currencies were pegged to gold. AND Tether decided to try again, although in reality it is a complex system for issuing new tokens.
The mechanism behind Alloy it’s simple: you need to deposit a certain amount of XAUTthe stablecoins of Tether linked to gold, to obtain aUSD (and then other assets, later). The tokens are overcollateralized, in the sense that you will have to deposit a greater quantity of
The value of the tokens will be kept close to $1 thanks to the arbitrage opportunities that will open up in the event of an imbalance: if the token starts to be worth more, it will be better to destroy it to obtain XAUT in exchange, and vice versa.
For the future Paolo Ardoino he spoke of an open platform, which will therefore allow more agents to use it to issue their own tokens. We will see if the idea will catch on on the market and if there will actually be an alternative class of crypto assets in the future.
A few more details
Tether will collect 0.25% from trades mint. To create new aUSD you will need to be registered and added to whitelistor to the list of authorized addresses.
The assets are currently only on the network Ethereum and in the future, according to what he told us directly Paolo Ardoinothey plan to launch it on other chains too.
It will also be an increase of utility for XAUT / Tether Gold, which for now is worth just over $500 million in market capitalization.
NB: Tether Gold is pegged to physical gold, which is held (at no cost to the end user) at – according to Tether – custodial services in Switzerland.
