Tether introduces Scudo to make gold-backed XAU† more transactable onchain
Crypto Briefing
Tether launched Scudo, a new unit representing one-thousandth of a troy ounce of gold, to enhance the on-chain transactability of its XAU† token.Summary
Tether, the stablecoin issuer, has launched Scudo, a new initiative aimed at improving the accessibility and on-chain transaction capabilities of its gold-backed token, XAU†. XAU† represents ownership of physical gold stored in secure vaults, which can be transferred on any blockchain or redeemed for physical gold bars. Scudo functions as a new unit of account, where each unit equals one-thousandth of a troy ounce of gold. This standardization simplifies fractional gold ownership on blockchain networks, making it easier to transfer and hold gold-backed assets through smart contracts, especially as gold prices reach record highs and demand for such digital assets increases.
(Source：Crypto Briefing)