According to Huobi Global, customers will soon have access to Tether Gold and Euro Tether stablecoins, which represent ownership of assets.
Tether will reportedly launch two new stablecoins, Tether Gold (XAUT) and Euro Tether (EURT), on popular cryptocurrency exchange Huobi Global. This development means that the exchange’s customers will be able to access a stablecoin that represents physical gold ownership. euro peg token.
Paolo Ardoino, chief technology officer of the stablecoin issuer, commented on the new development:
“We are excited to launch XAU₮ and EUR₮ on one of the oldest and major exchanges in the world.”
Additionally, Tether’s CTO said:
“By giving us access to a stablecoin that represents physical gold ownership and a europegged stablecoin backed by the same company behind the first and most stable and trusted stablecoin, the Huobi community will continue to thrive and grow.”
Huobi Lists Tether Gold and Eurotether Despite Crypto Winter
Huobi’s decision to list Tether Gold and Euro Tether comes amid a general downturn in digital assets (crypto winter). Moreover, the exchange’s announcement comes about a month after the demise of another prominent cryptocurrency exchange, his FTX. The Bahamas-based exchange, once the second largest, filed for Chapter 11 bankruptcy in the United States on Nov. 11. Since then, FTX management has been in hiding amid a torrent of allegations and investigations regarding the mismanagement of client funds.
Following the demise of FTX, the Tether stablecoin faces increasing scrutiny as the crypto space remains pushed to its limits. Several major mainstream media outlets have recently refocused on the stablecoin’s alleged reserves, seemingly upsetting the company’s management. The Wall Street Journal published an article on him on December 1, questioning Tether’s claims of adequate reserves. According to the WSJ, the increase in stablecoin issuer loans adds significant risk to the already turbulent digital asset market. Additionally, the international daily suggested that Tether may need to increase its ability to back the $65 billion worth of USDT in circulation.
The WSJ also addressed Tether’s alleged lack of strong reserves disclosure and limited transparency as sources of concern. Previous Tether reports only disclosed the amount of the loan and did not specify if the rest was in Tether tokens. In addition, the company’s report implied full liquidity collateral for the loan. However, the WSJ article cites Crane Data president Peter Crane’s skepticism of his Tether claims. According to Crane at the time, he was “extremely skeptical and didn’t believe they could get away with the lack of disclosure and limited transparency. of?”
Launched in 2014, Tether is an asset-backed crypto stablecoin and the largest stablecoin issuer by market cap. Its USDT stablecoin is pegged to the US dollar at his 1:1 ratio and, as of July 2022, minted on 10 blockchains and protocols.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to explain the cryptocurrency story down to the basics so that anyone can understand it without much background knowledge. Krypto When he’s not heavily involved in storylines, Tolu enjoys music, loves to sing, and is also an avid movie buff.