Tether Launches Scudo to Simplify Fractional Gold Ownership Onchain

Tether has launched Scudo, a new unit of account equivalent to one-thousandth of a troy ounce of its gold-backed token, XAUT. This initiative aims to lower barriers to fractional gold ownership, addressing historical issues like storage and divisibility that constrained direct physical gold ownership. XAUT, which is backed by over 1,300 gold bars, already tokenized physical gold, but Scudo is designed to further simplify smaller, onchain transactions. Tether CEO Paolo Ardoino compared Scudo to satoshis for Bitcoin, positioning gold as "the ultimate store of value alongside Bitcoin." This launch occurs amid record accumulation of gold by institutional investors and central banks, with bullion prices surging significantly in the past year.

(Source：Cointelegraph)