Tether Announces Expansion of Euro EURT, XAUT on ‘World’s First Social Infused Exchange’

The stablecoin issuer announced the listing of Euro Tether (EUR₮) and Tether Gold (XAU₮) on XT.COM, which is being touted as the “world’s first social-infused exchange.” The latest move will enable users on the platform to access XAU₮ – which represents ownership of physical gold – as well as the ability to transact with EUR₮ – a stablecoin pegged 1:1 to the euro.

The expansion news comes amidst increasing scrutiny in the stablecoin sector.

• The addition of EUR₮ and XAU₮ will also allow users on XT.COM to gain access to two stablecoins developed by Tether, the company said in a statement.
• Tether CTO Paolo Ardoino weighed on the upcoming listings and stated,

“As the company behind the leading stablecoin in the market today, recognized for its exceptional liquidity, expanding market share, and widespread acceptance, this further emphasizes our steadfast commitment to unlocking financial liberation and fostering economic inclusivity for communities worldwide.”

• Launched by Tether in 2020, XAU₮ represents ownership of one troy ounce of gold held in a Swiss vault controlled by the company.
• EUR₮, on the other hand, is a euro-pegged stablecoin also supported by Tether that mirrors the euro via a decentralized network.
• Currently, XAU₮ and EUR₮ have market caps of $474 million and $44 million, respectively. Despite the figures being massively dwarfed by the US dollar-backed USDT, the two stablecoins have managed to score several listings.
• In yet another significant milestone for the firm, Tether signed a Memorandum of Understanding (MOU) with Georgia’s government in June to position the country as a global hub.
• USDT’s dominance grew significantly in the past year or so owing to the banking crisis and the subsequent stablecoin market turbulence that caused its circulation to peak above $83 billion.