by John Smith 
Bitfinex will launch Tether Gold, a stablecoin backed by gold.
Bitfinex already famous for publishing the Tether USDT stablecoin which has a valuation of about 4 billion dollars in the crypto market, will soon launch a new stablecoin backed by gold.
Tether USDT which is supposed to be backed by USD reserves.
The CTO of Bitfinex and Tether, Paolo Ardoino, announced it in a message on Twitter:
#tether #gold will bring huge potential to deliver new products for @bitfinex and other exchanges.
I'm sure our users will love them.
Target before Christmas 19!Circular economy and derivatives expansion are both important expansion lines for us.
Thanks @fintechfrank for recap https://t.co/n7xDFt9dkQ
— Paolo Ardoino (@paoloardoino) November 12, 2019
Bitfinex thus continues its expansion in the stablecoin sector by launching a stable token backed by gold.
A stablecoin backed by gold to refer to the value of gold that is more credible for some investors than the dollar.
There are already competitors who already offer gold-backed stablecoins, Bitfinex knows it but relies on the Tether brand’s fame and success with Tether USDT to appeal to the public and traders.
Indeed, few people really know the companies offering stablecoins backed by gold, companies often unknown to the general public.
This can therefore be a problem for a trader or an individual to invest his money in a completely unknown company for fear of losing his money.
In stablecoins or cryptocurrencies backed by gold, we can mention:
PAX Gold (PAXG) which was recently listed on the Kraken crypto exchange.
Digix Gold (DGX).
GoldMint (MNTP).
Ekon Gold by the startup Eidoo.
Little information about this future Tether Gold, Paolo Ardoino indicates that Bitfinex hopes to launch this gold-backed stablecoin before Christmas 2019.
So there is only about a month left to launch this Tether Gold which is perhaps already ready and will be actually launched for Christmas 2019.
Paolo Ardoino said all Tether Gold would be backed by gold reserves and that each Tether Gold token would be tied to a specific gold bar.
Bitfinex who recently reacted to accusations concerning Tether USDT which would responsible for the Bitcoin BTC price pump and the last Bitcoin bull run at the end of 2017.
Tether USDT also involved in the Crypto Capital case with its subsidiary Ifinex, Bitfinex said that it is a victim of Crypto Capital fraud.
Bitfinex in the crypto news lately declaring that it will support Peter McCommarck in his lawsuit against Craig Wright the fake Satoshi Nakamoto.
See you around Christmas 2019 and the launch of this Tether Gold if Bitfinex can keep the deadlines announced on Twitter.
