Tether Gold (XAUt)

[Peter90]

In the thread The impact of stablecoins on the market  User Learn Bitcoin pointed me to this gold backed stablecoin, which I didn't know. (Thanks LB!)
I thought it deserves a thread.

https://gold.tether.to

Their Whitepaper Tether Gold - A Digital Token Backed by Physical Gold

Current Market cap: $500 Millions
Coins in circulation: 7,6 gold tons



Your thoughts are welcome!

[Gurujebs]

Their Whitepaper Tether Gold - A Digital Token Backed by Physical Gold

Current Market cap: $500 Millions
Coins in circulation: 7,6 gold tons
Your thoughts are welcome!

I don't see anything special about this other than easy storage and transportation. If you want to travel today, taking long a gold bar of gold need extra verification in the airport, more security check for authenticity and a big load. Instead of traveling with kilograms of metal that is going to be a lot of extra energy, buying this will save you from that stress and improve security because you can actually redeem this on the traded exchange and get equivalent value in USD without anyone knowledge unlike the physical gold where you have to look for a pawn shop to sell or any available gold shop which is kind of another stress.

This is cool though but I hope the company behind this doesn't rugged because the gold bars are just 611 gold which is little compare to the total market of gold in existence.

[masudginanjar]

Yes, that's right, I saw XAUt being traded on the Binance market and the price is very expensive, namely above 2000 USD.
I looked at the chart with type 1 week and the price continued to rise starting from 1700 USD to more than 2000 USD, indeed gold is expensive and more valuable than Shitcoin.
I have never traded gold but it seems like gold trading is very promising and you can make profits daily, unlike altcoins which after rising and making a profit can just dump and the pump takes a long time.

[therozaq]

Current XAut price is $ 2,032, it will increase and touch ATH
XAut ever reach $ 2,111. I think It will touch soon.

~ indeed gold is expensive and more valuable than Shitcoin.

exactly, gold should not be compared with shitcoin.  That's not fair.  Because I lost a lot of money in the past because of shitcoins.  It's safer to invest in coins that have good projects than shitcoins.

[IyemRoker]

Because I lost a lot of money in the past because of shitcoins.

Is it true?
What coins do you own or invest in that make you say "Shitcoin"?
How much is the loss due to the "Shitcoin" you bought?
Do you feel sad that you bought "Shitcoin"?

Even though I was interested in discussing XAUt because digital gold is backed up by real gold and developed by Tether, but after I read the reply to your thread, I was very sad.
This XAUt was extraordinarily developed by Tether, indeed Tether's dominance and innovation is extraordinary, very sophisticated and visionary, first creating USDT, a stable coin backed up by US Dollars and now XAUt Digital Gold which is backed up by real Gold.

[Husires]

XAUt tries to have its price linked to gold, but there is no guarantee that when you buy, there is real gold deposited in the bank vaults. The main trading volumes of bitfinex and the main trading pair are USDT, and trading volumes on all platforms are low compared to stablecoins such as USDT, USDC.
It is very dangerous compared to buying gold, and its price is close to gold, but it is definitely not linked to gold.

[Peter90]

Even though I was interested in discussing XAUt because digital gold is backed up by real gold

... and now XAUt Digital Gold which is backed up by real Gold.

Kinesis' stablecoins are backed up by gold.
There is proof for that, the 4x/year independent audits.

Tether Gold, there are no audits.
How can you be sure that XAUt coins are backed up by real gold?

[Learn Bitcoin]

Thanks, Peter for creating the thread and giving me the credits.

Most of us doubted crypto's legitimacy when we started the crypto journey. The most important part of the crypto is, it's volatile. A lot of people trust gold but they avoid crypto because they are afraid of losing their money. Tether gold is the solution for them. Now it's possible to buy gold online and you could sell it whenever you want. Isn't it impressive?

But the only thing I am afraid of is, if this is really backed by the real gold or not. What if they sell the real gold after the audit? I cannot think such bad things against tether since they are the top stable coin in the market.

[IyemRoker]

Even though I was interested in discussing XAUt because digital gold is backed up by real gold

... and now XAUt Digital Gold which is backed up by real Gold.

Kinesis' stablecoins are backed up by gold.
There is proof for that, the 4x/year independent audits.

Tether Gold, there are no audits.
How can you be sure that XAUt coins are backed up by real gold?

Hii Peter, I've read about Audit from Kinesis, it's really great and it makes sense to do business with you.
But I'm just a small person who doesn't have that much money and only analyzes all aspects of digital assets in various forums.

I just assured myself that XAUt had been audited by the Financial Agency because I was referring to the condition of the USDT stable coin which had been audited by various Financial Agencies.
I'm still interested in discussing the differences between XAUt from Tether and KAU from Kinesis, can you explain in general the differences between these two digital assets??

[Learn Bitcoin]

Kinesis' stablecoins are backed up by gold.
There is proof for that, the 4x/year independent audits.

Tether Gold, there are no audits.
How can you be sure that XAUt coins are backed up by real gold?

I wasn't aware if XAUt was audited or not. But Tether is a known company for their Stable coin USDT and people trust them because of the massive about of money they have in circulation. That doesn't mean we cannot trust XAUt. Maybe they are planning to do an audit with an well-named international auditors. I still have some doubts for some reason.

I guess I have shared what is the reason. Even though Kinesis were audited, we never know if they have moved their assets somewhere or not. There is no way to verify it except for another audit. Crypto.com did the same thing after a audit. But people caught them.

[Peter90]

But the only thing I am afraid of is, if this is really backed by the real gold or not. What if they sell the real gold after the audit? I cannot think such bad things against tether since they are the top stable coin in the market.

Hi LB,

"What if they sell the real gold after the audit?"

You are right, but on the other hand, it is impossible to audit the asset of a company every day.
Every audit is made on a regular basis, but not every day.
Professional investors and institutions require an audit on a regular basis, nobody requires the impossible.


"I cannot think such bad things against tether since they are the top stable coin in the market."

So LB, let me understand... on one side you don't trust a company (Kinesis) that let their assets be audited every 3 months because they could sell the metal after the audit... but on the other side you do trust another company (Tether Gold) that never let their assets be audited ... because they are... big?   


Besides, can you remember the time when everybody - maybe you too - was convinced that each USDT represented 1 US dollar in the bank?
So what did you think when you learnt that for each USDT there are only 0,04 US dollars in the bank?

[Peter90]

Hii Peter, I've read about Audit from Kinesis, it's really great and it makes sense to do business with you.
But I'm just a small person who doesn't have that much money and only analyzes all aspects of digital assets in various forums.

I just assured myself that XAUt had been audited by the Financial Agency because I was referring to the condition of the USDT stable coin which had been audited by various Financial Agencies.

Hello Iyem,
just a quick note about the "to do business with you"     I'm not an employee of kinesis nor an associate of that company.
Kinesis has an affiliate program, everybody can participate, and as you can see from my signature, I do.


My position is this:

a) gold is a better money than fiat, because it's a better store of value than fiat,

b) gold-backed stablecoins will facilitate ordinary people (small persons who don't have that much money  , like you and me) to use gold as money and to invest in gold,

c) at this point kinesis is the most advanced gold-backed stablecoin: they offer 4x/year audits of their assets (no other gold-backed stablecoin does); they offer a debit card so everybody can use gold and silver to pay in all places where Visa and Mastercard are accepted; they have a partnership with the government of Indonesia; they offer a yield system ...



USDT is audited (by a private company specialised in auditing: BDO).
XAUt is not audited.

No serious professional investor, institutionals or money manager invest in a stablecoin without audits.
Audits are very expensive.
If a gold-backed stablecoins company let their assets be audited, they will advertise it with big size, bold and CAPITALISED  characters
This is their website https://gold.tether.to
This is their Whitepaper https://gold.tether.to/Tether%20Gold%20Whitepaper.pdf
No audits

[IyemRoker]

USDT is audited (by a private company specialised in auditing: BDO).
XAUt is not audited.

This is their website https://gold.tether.to
This is their Whitepaper https://gold.tether.to/Tether%20Gold%20Whitepaper.pdf
No audits

I have checked to check that the audit for Tether USDT really uses BDO and CCR services.
Then I also read the Whitepaper about XAUt which was developed by Tether for 13 pages, and couldn't find an audit, only a comparison of the advantages of Physical Gold, Gold ETFs and Tether Gold.
This kind of thing must continue to be discussed because it concerns our assets and if we don't know its security, it will be very dangerous for ourselves.
If Tether's USDT is audited by BDO for privacy, then Tether's XAUt is not audited properly or even not audited at all, then I have many questions:

1. Will XAUt someday dump from the real gold price?
2. To what extent do investors and traders trust XAUt for trading?
3. I see that trading for XAUt is still ongoing and stable with large trading volumes, is this not dangerous for the trader?

[Learn Bitcoin]

So LB, let me understand... on one side you don't trust a company (Kinesis) that let their assets be audited every 3 months because they could sell the metal after the audit... but on the other side you do trust another company (Tether Gold) that never let their assets be audited ... because they are... big?   

You got me wrong Peter90.
I didn't talk about Kinesis only. The same thing applies to Tether.to as well. If Tether sells its assets after the audit, we will never know that. But, I didn't know that Kinesis gets audited every three months. Is it true? I didn't know that. Still, I don't want to convince myself to invest in any stable coin or in Digital gold.

Buying digital gold online means, I bought the gold and they will hold it for me. What I am holding right now? A wallet with some digital numbers. Isn't it better to have some physical gold than having it digitally?

[IyemRoker]

Buying digital gold online means, I bought the gold and they will hold it for me. What I am holding right now? A wallet with some digital numbers. Isn't it better to have some physical gold than having it digitally?

This is a very good statement and made me think because this concerns our assets and this is a discussion of the topic that I want, an open and more transparent discussion that can be seen by ourselves.
I definitely prefer real gold and store it in a Local Bank to be able to use it or just to save it, so that one day it can be taken out more easily when the price goes up, it's very different from digital gold which I can't even see its physical form.
There is a very big comparison between real gold and digital gold because I will definitely choose real gold, I also need further understanding Peter90 to continue paying attention to digital gold from various platforms, including Kinesis, XAUt and various other digital gold.