The token backed by gold can be used as a stablecoin in the cryptocurrency and traditional markets.
a statement, Swiss crypto bank SEBA has launched a regulated digital token – Gold Token, backed by physical gold. As its popularity grows, it can be used as a stablecoin for on-chain transactions due to its regulatory compliance and low volatility due to its gold peg.
The possible launch of the token was announced back in March. Then it became known that SEBA would issue a gold-backed token to provide investors with access to the precious metal and set a new standard for cryptocurrencies. Against the background of the development of stablecoins, institutional investors are looking for counterparties to provide services in this area. The SEBA token can be used in cryptocurrency and traditional markets for trading and storing savings.
“Our gold token simplifies investment in this asset and provides a cost-effective gold holding solution that meets the goals of the new economy,” said Guido Buehler, CEO of the bank.
The token was developed in collaboration with Argor-Heraeus, a service provider in the precious metals industry, and aXedras blockchain-based digitalization services platform for the precious metals market
In October this year it became known that the bank will provide its clients with the SEBA Earn service. Institutional and individual clients will be able to receive passive income from their cryptocurrency assets.