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I noticed an interesting trend — gold tokens are currently trending among crypto investors. Overall, it makes sense: gold has been skyrocketing in price over the past few months, and a gold-backed cryptocurrency offers a convenient way to access this asset through blockchain.
The XAUT token is essentially a digital version of gold on Ethereum. One unit equals one pure troy ounce of gold stored in reserves. It’s convenient for a portfolio — no need to deal with physical storage. Currently, the token’s market capitalization has grown to $2.66 billion, and Tether holds about 116 tons of gold backing this gold-backed cryptocurrency.
But there’s a nuance — dependence on Tether as the issuer. If you trust the reserves are maintained, then everything is fine. Regarding prospects: analysts expect gold to continue rising. CoinCodex forecasts a peak around $6,400, and major banks are looking above $5,000. Central bank demand and low interest rates fuel interest in gold-backed cryptocurrency as an alternative. It’s interesting to see how a traditional asset finds its place in the crypto ecosystem.