Tether launches Scudo, a new unit for Tether Gold, easing gold trading.
- Tether launches Scudo, a new denomination for Tether Gold.
- Scudo eases gold ownership and transactions.
- Scudo acts as a denomination layer, not a new token.
Tether has introduced ‘Scudo’, a new unit for Tether Gold (XAU₮), equating to 1/1000 of a troy ounce of gold, enhancing its gold-backed token offerings.
Scudo facilitates easier gold transactions, potentially increasing accessibility and usability in digital assets, reflecting Tether’s push towards modernizing gold transactions in cryptocurrency markets.
Scudo Launch: Making Gold 1/1000 Ounce Units
Tether has introduced Scudo, a unit of account for Tether Gold, globally. This unit is equivalent to 1/1000 of a troy ounce of gold, making gold more accessible.
Tether Operations Limited, under CEO Paolo Ardoino, emphasizes lowering barriers to gold ownership by utilizing Scudo. Tether Gold’s XAU₮ token remains unchanged in its backing and custody. “Gold is once again proving its role as the ultimate store of value alongside Bitcoin,” Ardoino noted, adding that “Scudo lowers barriers to entry by making gold easier to own, price, and transact,” which underlines the challenges related to user experience in digital assets.
Scudo Aims to Simplify Gold Transactions
The introduction of Scudo aims to ease gold transactions by providing a practical denomination method. This enhances user accessibility to gold investments and simplifies transaction processes.
The financial sector eyes this move as a step towards modernizing access to gold-backed digital assets. While it may not affect protocols directly, it frames gold alongside digital currencies.
Scudo’s Role Compared to Bitcoin’s Satoshis
Scudo is comparable to Bitcoin’s satoshis, adding a unit for practical exchanges rather than large-value storage. Tether previously used this strategy with digital currencies for enhanced usability.
With Tether Gold’s market cap recently doubling, the Scudo initiative may bolster demand for tokenized gold by easing integration into mainstream financial systems and digital payments.
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