Tether’s Gold-backed Stablecoin (XAU₮) Now Available For Futures Trading on Bitfinex, FTX


The crypto derivatives exchange FTX has announced the listing of Tether Gold (XAUT), whereas Bitfinex, the Tether’s company sister exchange, rolls out XAUT futures trading.

FTX users are now enabled for XAUT against the US dollar trading. Aside from the XAUT/USD pair they can use, they will also be able to buy and sell perpetual or quarterly expiring Tether Gold futures contracts. Starting today, Bitfinex users will be able to trade futures contracts on XAUT against Tether (USDT), the US dollar-pegged stablecoin.

iFinex Financial Technologies to Provide Trading on Bitfinex

Bitfinex made the announcement on Friday, saying that traders are now able to buy and sell up to 100x leverage assets at an established data and price in future. The service will be provided by an iFinex product division called iFinex Financial Technologies. iFinex is the parent company of Tether and Bitfinex.

Only certain jurisdictions will have the XAUT/USDT futures trading active, also verified users, even if Bitfinex doesn’t ask for accounts to be verified. The jurisdictions are the same with those mentioned on the Bitfinex official website. Venezuela, Syria, Iran, North Korea, Cuba and Crimea’s annexed regions’ residents are prohibited from using the service.

News Was Released After XAUT Hit the $21 Million Market Cap

Bitfinex says in its Friday announcement that this launch of futures contracts trading for XAUT will bring much more exposure to the asset. XAUT crossed the $21 million market cap on Wednesday, March 4, when it became the world’s biggest digital asset backed by gold and overtook PAX Gold (PAXG).

At the moment, XAUT’s market cap accounts for $26.8 million, whereas PAXG’s for around $18.7 million, says crypto tracker Etherscan. PAXG was launched a few months before XAUT, being the first crypto asset that could be redeemed in gold. XAUT came at the end of January 2020 and immediately rolled out trading on Bitfinex.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide