Bitfinex First to List aUSDT, a Gold-Backed Tether Asset

Bitfinex, a premier digital asset trading platform, has announced its pioneering move to become the first exchange to list aUSDT, a USD-denominated tethered asset by Alloy by Tether, according to blog.bitfinex.com.

A Novel Approach to Digital Currency

This innovative offering introduces a new concept in the digital currency space by tethering its value to Tether Gold (XAU₮), which is backed by the stability of physical gold. The asset employs stabilization strategies such as over-collateralization and secondary market liquidity pools to ensure consistent value alignment with its reference asset. Essentially, aUSDT offers a digital currency similar to traditional currencies but with enhanced stability and reliability due to its direct link to gold collateral.

Core Features of aUSDT

aUSDT’s primary feature is its role as a stable unit of account backed by Tether Gold. This ensures that each token’s value is aligned with the relative stability of physical gold while leveraging the efficiency and accessibility of the ERC-20 token standard. This setup enables 24/7 global trading and potentially broader adoption. For institutions, aUSDT offers convenient transactions with each token’s value underpinned by physical gold, combining the security of gold with the efficiency of digital assets.

Strategic Availability and Trading Schedule

aUSDT will be available through two licensed entities, Moon Gold NA, S.A. de C.V., and Moon Gold El Salvador, S.A. de C.V., tailored to specific customer segments. One entity will cater exclusively to Eligible Contract Participants (ECP), while the other will serve all other customers. This strategic decision underscores Bitfinex’s commitment to providing customized solutions that meet diverse regulatory requirements and customer needs.

Deposits of aUSDT on Bitfinex will be available at approximately 2:30 PM UTC on June 17, 2024, subject to network conditions. Trading is planned to commence at approximately 10:00 AM UTC on June 19, 2024, contingent upon liquidity requirements being met. aUSDT will be tradable against US Dollars (aUSDT/USD) and Tether tokens (aUSDT/USDt).

Industry Reactions

Henry Child, Head of Tokens at Bitfinex, commented on the listing: “Tether’s commitment to innovation shines through with aUSDT, which introduces a new concept of tethered assets that we have never seen before. We are thrilled to add the aUSDT token to the Bitfinex platform’s diverse slate of token offerings.”

Access and Compliance

To obtain access to aUSDT on Bitfinex, customers can visit the Bitfinex website. All users of the platform are subject to Bitfinex’s terms of service (TOS). U.S. persons, among other prohibited persons, are strictly prohibited from directly or indirectly holding, owning, or operating an account on the platform.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and margin trading for a wide selection of digital tokens. Bitfinex focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world.

Image source: Shutterstock