Tether introduces a new unit of account, "Scudo," for Tether Gold (XAU₮).
TL;DR
Tether has launched 'Scudo', a new unit for Tether Gold (XAUT), equal to 1/1000th of a troy ounce. It simplifies pricing by avoiding long decimals, making gold more usable for payments without altering XAUT's gold-backed structure.
Tags
According to official Odaily, Tether has officially launched Scudo, a new unit of account for Tether Gold (XAUT). This unit aims to restore gold as a means of payment; one Scudo is defined as one-thousandth of a troy ounce of gold or one-thousandth of a XAUT. This move solves the problem of dealing with long decimal places when trading or pricing by introducing a simpler pricing method, making gold more practical in everyday economic activities. Tether Gold is currently fully backed by physical gold in secure vaults; the introduction of Scudo does not change the structure or backing method of XAUT.