On the 24th of July, XAUT value reached 1,902 USD, attaining a new price record. Since setting an all-time price record of 1,921 USD in 2011, Tether's XAUT has not gone above 1,900 USD until three days ago.
Gold rose by 27% from 1550 USD to 1,902 USD after Tether Gold (XAUT) was launched on the 23rd of January. XAUT is a stable coin that is equal to an ounce of Gold.
Following the news from Cointelegraph, the stable coin set a new record after closing at 1,897 USD on the 24th of July. Despite the latest achievement, XAUT hasn't been able to beat the ATH of 1,921 USD from 2011.
The price pump occurred barely three days after the United States government passed a new stimulus bill to cushion the Coronavirus pandemic's financial impact.
The CTO of Tether, Paolo Ardoino, explained that most people like to accumulate Gold during periods when things become unpredictable. Tether Gold is apparently a commodity that suits these trying times.
Tether's USD-powered stable coin (USDT) also reached a market cap of over 10 billion USD on the 22nd of this month.
Source: Cointelegraph
