The last few years have seen the creation of blockchain projects that claim to have tokens backed by physical gold. In October, Coinshares and Blockchain.com launched a digital gold token (DGLD) backed by physical gold that uses BTC’s security. Tether just announced a new token called tether gold (XAUT), which will be listed for trading on Bitfinex. The company that created the dominant stablecoin USDT claims a single XAUT token represents one troy fine ounce of gold.

Also read: Data Shows $25 Billion Worth of Bitcoin and Ether Held by Seven Crypto Exchanges

While 30 Gold-Backed Crypto Attempts Have Failed, 77 Existing Blockchain Projects Attempt to Leverage the Precious Metal’s Backing

The narrative that BTC is “digital gold” has been embraced by maximalists in recent years, but despite this people are still creating gold-backed tokens that utilize blockchain technology. There’s a bunch of blockchain networks that claim to leverage physical gold to back certain tokens. For instance, Digixglobal has a token called DGX, which…

Click to continue reading on its source location…

Source: https://news.bitcoin.com/more-than-77-crypto-projects-claim-to-be-backed-by-physical-gold/