Does a legit Silver backed stablecoin exists?

[paid2]

I know about tether Gold; and some other stablecoins backed on gold.

Does anyone know of a similar stablecoin project using silver? I mean a serious project, with proof of reserves etc..

[Crwth]

Upon searching the internet, I came across KAG. A crypto backed with physical silver. I just did a google search with this but I haven't delved too much into it. Please invest with caution.

https://kinesis.money/

[paid2]

Upon searching the internet, I came across KAG. A crypto backed with physical silver. I just did a google search with this but I haven't delved too much into it. Please invest with caution.

https://kinesis.money/

Thank you!

I've also seen this coin appearing in a few searches, but I've stopped looking for it for the time being because IIRC it's only available on Stellar (I'm not sure if that's the right, will double check later), and it doesn't suit me much to get a new wallet only for the silver. Would like to find somethig on Polygon or ERC20.

That being said, it seems legit from the little I've read about it

[Peter90]

Upon searching the internet, I came across KAG. A crypto backed with physical silver. I just did a google search with this but I haven't delved too much into it. Please invest with caution.

https://kinesis.money/

Thank you!

I've also seen this coin appearing in a few searches, but I've stopped looking for it for the time being because IIRC it's only available on Stellar (I'm not sure if that's the right, will double check later), and it doesn't suit me much to get a new wallet only for the silver. Would like to find somethig on Polygon or ERC20.

That being said, it seems legit from the little I've read about it

Hi paid
hi crwth
this forum has a thread dedicated to Kinesis
Kinesis Stablecoins
If you are looking for info about Kinesis you can start from there.


Kinesis offer two currencies, KAU (gold backed) and KAG (silver backed).

You mention proof of reserves.
Kinesis is the only company that offers an independent quarterly audit of the metals backing their currencies, so if you are looking for legit you won't find anything more legit than Kinesis.
That's why I have chosen to participate to their affiliate program, as you can see from my signature.


They chose the Stellar blockchain instead of the Ethereum network because KAU and KAG are designed to be used as everyday currencies, not just as a way to invest in precious metals, so Kinesis needed a blockchain that allowed fast transactions and low fees.

Why the Kinesis Blockchain Network was forked from Stellar



You mentioned Tether Gold (XAUt)
Unlike KAU, XAUt is not designed to be used as a currency.

I opened a thread about XAUt
I have compared Tether Gold with Kinesis KAU

You can see the difference between KAU (designed to be everyday currency) and XAUt (designed only as a vehicle for investing in gold).
I don't know if you are interested in a silver backed coin just in order to invest in silver or if you want to use your silver as a everyday currency.

[paid2]

--snip--

Thank you very much for your reply and for all these details.

The project does indeed look solid and serious, looks very interesting. I'll take a little more time to read your dedicated topic, and to check where I can swap KAG without KYC (if it's possible of course).

Audits are reassuring.

I'm looking more for gold/silver stablecoins to diversify my portfolio on the long term (trying being less a BTC/XMR "maxi"); not so much for day-to-day spending, although that is indeed a great idea.

[Peter90]

--snip--

Thank you very much for your reply and for all these details.

The project does indeed look solid and serious, looks very interesting. I'll take a little more time to read your dedicated topic, and to check where I can swap KAG without KYC (if it's possible of course).

Audits are reassuring.

I'm looking more for gold/silver stablecoins to diversify my portfolio on the long term (trying being less a BTC/XMR "maxi"); not so much for day-to-day spending, although that is indeed a great idea.

Hi paid
unlike ETFs, Kinesis offer regular audits and they don't require neither storage nor management fees.
The Kinesis card is also an advantage compared to ETF: you can use your gold and silver in order to pay everywhere Mastercard is accepted.


KYC:
Following regulations today is a condition for adoption of any currencies, that means KYC, AML etc.
So in order to open a Kinesis account KYC is needed


... unless of course you opt for the Stand-alone Wallet 

"What is the purpose of the stand-alone wallet:
The purpose of the stand-alone wallet is predominantly aimed at users who are interested in interacting with the Kinesis system and its currencies without having to participate in KYC verification, maintaining complete anonymity.
What are the restrictions of using Kinesis Stand-alone wallet:
The stand-alone wallet can only hold KAU and KAG, not KVTs, or any other cryptocurrency.
Additionally, users who store their Kinesis currencies in the stand-alone wallet are not eligible for any of the various Fee Sharing Yields on offer."

I have no idea how this Stand-alone wallet works...

[paid2]

Hi paid
unlike ETFs, Kinesis offer regular audits and they don't require neither storage nor management fees.
The Kinesis card is also an advantage compared to ETF: you can use your gold and silver in order to pay everywhere Mastercard is accepted.


KYC:
Following regulations today is a condition for adoption of any currencies, that means KYC, AML etc.
So in order to open a Kinesis account KYC is needed


... unless of course you opt for the Stand-alone Wallet 

"What is the purpose of the stand-alone wallet:
The purpose of the stand-alone wallet is predominantly aimed at users who are interested in interacting with the Kinesis system and its currencies without having to participate in KYC verification, maintaining complete anonymity.
What are the restrictions of using Kinesis Stand-alone wallet:
The stand-alone wallet can only hold KAU and KAG, not KVTs, or any other cryptocurrency.
Additionally, users who store their Kinesis currencies in the stand-alone wallet are not eligible for any of the various Fee Sharing Yields on offer."

I have no idea how this Stand-alone wallet works...

Thank you so much for sharing all these info here!
Good to know that their Standalone option is available.I will give KAG a try after some more researches, as it looks to be the only legit option available for a silver stablecoin.