Best Gold-Backed Cryptocurrencies
XAUT — Tether Gold: One of the first and most famous USD-backed stablecoin now has a gold-backed cryptocurrency called XAUT, formally provided by TG Commodities Ltd. Tether holds its gold reserves in Swiss Vaults. And if you are a token holder and you want to search your specific gold bars, then you can do so on the company website.
One XAUT token represents one troy fine ounce of gold on a London Gold Delivery bar. The maximum supply served by Tether is 48.5 Thousand coins and currently, the most active market trading in it is Bitfinex.
Gold Backed Crypto: Meld Gold
Meld Gold collaborated with the Australian Gold Industry and Blockchain Protocol called Algorand to invent a Decentralised Industry Gold Token. As creators saying, investors and traders will be able to transact in both physical gold and digital gold tokens by utilizing a global network of partners and gold suppliers. Read More
According to the director of Meld Gold, those on the gold supply chain such as mints, dealers, refineries, and vaults can have access to technology that connects them seamlessly and efficiently and this brings transparency to the gold market for the first time by directly connecting buyers and sellers.
And Meld is using blockchain technology to not just emulate but to improve the actual gold market and this is what is different from other companies, what Meld is doing is new, as stated by Peter August, CEO of Melbourne Mint.
Gold Backed Digital Currency: PMGT — Perth Mint Gold Token
PMGT is the Western Australian Government’s Perth Mint backed gold coin. Government guarantees the purity and weight of gold by issuing digital gold certificates which are then used to back PMGT tokens. Each token is backed by the certificates on a 1:1 ratio.
The top exchanges that are trading PMGT are KuCoin and Independent Reserve. More and more investors are showing their interest in these currencies. But, it still has to be seen that gold-backed tokens are something that will stick around or will diminish from the crypto markets in some time because it’s crypto markets and the entire game can be turned around within seconds.
