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

Tether moved to establish a new unit of account for gold on Tuesday, as the stablecoin industry leader argued that transactions denominated in “Scudo” could simplify the precious metal’s use in everyday payments. Under the stablecoin issuer’s definition, one Scudo would equate to one-thousandth of a troy ounce of gold—as well as its XAUT token, which is valued at $2.3 billion, according to CoinGecko. The token’s market cap has nearly quadrupled over the past year. In a blog post, Tether acknowledged that d ...