Gold Coin (GLC) is an ERC-20 coin developed by Digital Gold LTD. The cryptocurrency was built and maintained by a group of volunteers who believe in promoting economic freedom. With our finger already on the pulse of traditional cryptocurrencies, let's take a look at the list of the top 5 gold-backed cryptocurrencies. Similar to establishing reliable traditional gold providers, finding a reliable gold-backed cryptocurrency may require the same effort and evaluation.
We have lightened the load and have chosen 5 of the best gold stablecoins on the market. The world of commodity-backed cryptocurrencies is flourishing, and as you can see from this list of the top 5 gold-backed cryptocurrencies, so are they. Get your hands on everything related to cryptocurrencies through the simplified trading platform Oobit. The largest stablecoin is Tether (USDT).
A Tether token is backed by a USD. The largest token by market capitalization is the gold token Perth Mint (PMGT) for gold-backed cryptos. Gold-backed cryptocurrency is a type of stable cryptocurrency in which each token is backed by physical gold. With the price of the token linked to the current price of gold, there is less price volatility compared to Bitcoin or other altcoins.
This helps to reduce the volatility aspect that is usually present in cryptocurrency markets such as Bitcoin and Ethereum. It then uses a unique mine-to-token gold backup format that verifies the gold assets that each token displays. As the value of gold increases, so should the price of a token, making it a more stable investment than other cryptocurrencies. Tether Gold (XAUT) Tether, the largest USD-backed stablecoin issuer, now has a gold-backed token called XAUT.
Crypto Bullion (CBX) has been trading since before any gold-backed cryptocurrency started, but it doesn't have any bullion backing. While this is a stablecoin, it is not a true cryptocurrency backed by gold, as the amount of GOLDX coins does not correlate with an allocated gold reserve. Cryptocurrency 100% backed by TPxGold, physical gold stored in Brinks, Singapore, secured by Lloyds London and audited by 2 external auditors. GodCoin is “gold on demand”, the cryptocurrency that will soon become the standard currency used in consumer trading.
While researching and updating this list, I continued to find cryptocurrencies that appear to be related to gold. It was around this time that there was a surge in interest in the concept of gold-backed cryptocurrencies. No, Bitcoin is not a cryptocurrency backed by gold, which means that its price is not tied to the price of gold. A basket, when used in the cryptocurrency space, refers to a collection of digital currencies managed as a Perth Mint Gold Token (PMGT) Backed by real gold blocks from Western Australia's Perth Mint, PMGT is among the best cryptocurrency tokens backed by gold available.
Auric is a cryptocurrency store of value and medium of exchange backed by a physical reserve of gold at a rate of 0.001oz per auric.