A Tether Gold (XAUT) investment option is now available on Indonesian crypto exchange Mobee, as per a company announcement made on Monday. The new addition is expected to give the Indonesian market access to tokenised gold investment options.
For reference, an XAUT token represents investment in one troy fine ounce of physical gold, which is stored in Swiss vaults. According to the official website for Tether Gold, the token is backed by 644 gold bars with a total weight of 7,667.7 kilograms.
The XAUT has high divisibility, supporting transactions as low as 0.000001 troy ounces. Interested buyers should be able to make purchases for as low as 20,000 Indonesian rupiahs (IDR) and can use an Auto Invest feature to repeatedly make purchases of the gold-backed token.
Source: Coinmarketcap.com
At the time of reporting, the price of Tether Gold, which mimics the price of regular gold, was trading at $3,381.
“At Tether, we believe that access to gold, which is one of the world’s most trusted assets, should not be reserved for the few. With XAU₮, we provide users a secure, low-cost, and highly liquid way to hold real gold, eliminating the complexities of physical storage,” said Tether’s CEO Paulo Ardoino.
Mobee Digital’s CEO, Andrew Tjahyadikarta, also expressed optimism for the new investment option on the platform, saying gold continues to be a valued asset in times of macroeconomic uncertainty.
Indonesia’s consumer market for crypto is growing, with Statista figures showing total investors reached 18.51 million by the end of 2023.