Stablecoin Titan Tether Wants Gold to Be Used for Everyday Payments—Here's How

Core Viewpoint - Tether has introduced a new unit of account for gold called "Scudo," aiming to simplify gold transactions in everyday payments, with one Scudo equating to one-thousandth of a troy ounce of gold [1] Group 1: Market Context - Global demand for gold has increased due to persistent inflation concerns, interest-rate uncertainty, record central bank purchases, and a growing interest in safe-haven assets [2] - Tether sees this demand as an opportunity to restore gold's status as a universally accepted medium of exchange, which is not subject to devaluation by government actions [2] Group 2: Product Details - The Scudo is designed to function similarly to "satoshi," the smallest unit of Bitcoin, with one Scudo valued at approximately $4.48 [3] - Tether's XAUT token, which is valued at $2.3 billion, is backed by 1,329 gold bars equivalent to 16.2 metric tons, held in secure vaults [6] Group 3: Historical Context - The term "Scudo" has historical significance, dating back to the 16th century in Italy, where it described various coins and was derived from the Latin word for shield [4] Group 4: Company Background - Tether's CEO and CFO have Italian roots, and the company has previously acquired a minority stake in the Italian football club Juventus [5]