Tether Operations Limited has recently announced the listing of two of its products, Tether Gold (XAUT) and Euro Tether (EURT), on the cryptocurrency exchange XT.com.
The debut of Tether Gold (XAUT) and Euro Tether (EURT), two of Tether Operations Limited’s products, on the cryptocurrency exchange XT.com was announced yesterday.
As a result, the company’s secondary tokens have a wider audience and can now rely on the existence of a second cryptocurrency market.
Euro Tether (EURT) and Tether Gold (XAUT) are about to launch on XT.com
Tether Gold (XAUT) and Euro Tether (EURT) will formally start today on the social-based cryptocurrency exchange XT.com, according to a statement made yesterday by Tether Operations Limited, the same firm that oversees and supervises the issuance of USDT.
The platform was introduced in Hong Kong in 2018 by Weber Woo, a businessman who helped establish the blockchain industry back in 2013. It currently has 6 million registered users and 500 thousand active users each month.
In the spot and derivative markets, Xt.com supports over 1,000 trading pairs and a wide range of trading options, offering its clients cheap fees and high liquidity.
Tether Gold (XAUT) and Euro Tether (EURT) being listed in the markets area is a tiny step for the exchange toward the adoption of cryptocurrencies by the general public.
The listing of the two secondary currencies, however, provides Tether, which now holds a monopoly on the stablecoin market with its flagship USDT product, with an opportunity to further cement its dominance.
Recall that each token in the Tether Gold (XAUT) cryptocurrency is equal to one troy ounce of a London Good Delivery gold bar that is kept in a Swiss financial institution, giving its owner ownership of actual gold.
The Euro Tether (EURT) stablecoin, on the other hand, was developed in 2020 to promote the usage of blockchain-based digital currencies throughout Europe. It is linked 1:1 to the value of the euro.
The following are Paolo Ardoino’s comments on the beginning of the partnership with XT.com:
We are thrilled the pioneer in social infused exchanges, XT.COM, has decided to facilitate users across the world to access and own digital assets backed by the Euro and physical gold. 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.
XAUT and EURT: a comparison of the euro and gold crypto markets
The market for euro-pegged stablecoins is noticeably more flourishing than the market for cryptocurrencies that mimic the value of gold, with Tether clearly dominating this sector.
Tether Gold only has one Ethereum blockchain-based opponent, Pax Gold (PAXG), but Euro Tether already has a large number of extremely capable rivals.
After the European Parliament authorized MiCa (Market in Crypto Assets), stablecoins are basically legal in Europe, and several enterprises are entering the market to serve the continent.
Since there was no liquid euro-pegged cryptocurrency, the Union’s biggest cryptocurrency investors depended primarily on USDT, USDC, and DAI.
With the new legislation and the rise of this niche market, European traders will have more favorable options.
Euro Tether is 78% on Ethereum and 20% on Omni. Capitalization is $154 million.
The market for these goods is currently valued slightly around $600 million, but there is room for growth in the upcoming years.
In any event, the US dollar pegged stablecoin sector continues to manage the bulk of cryptocurrency exchanges, despite the fact that we are starting to see signs of popularity and growth for these kinds of currencies.
On the Ethereum blockchain, around 99% of cryptocurrencies that represent the value of a FIAT currency make reference to the USD value.
The gap is supported by the fact that the USD continues to be used more heavily than the EURO in international financial security transactions, where it still holds a strong position.