Entity: XAUT
XAUT is a digital token backed by physical gold, representing ownership of one troy ounce of gold stored in a Swiss vault.
XAUT
Etymology
The term XAUT is derived from the symbol for gold in the periodic table, 'Au', combined with 'X' to represent a digital token.
Definition
XAUT is a digital token backed by physical gold, with each token representing ownership of one troy ounce of gold stored in a Swiss vault. It is transferable to any on-chain address and redeemable to physical gold.
Historical Context
XAUT emerged as a stablecoin to provide a secure and transparent way for individuals to invest in gold without the need for physical ownership.
Cultural Significance
XAUT offers a bridge between the traditional gold market and the digital asset space, appealing to investors seeking stability and security.
Related Concepts
XAUT is similar to other stablecoins backed by physical assets, such as Tether's USDT backed by the US dollar.
See Also
A digital token backed by physical gold, transferable to any on-chain address and redeemable to physical gold.