A Stablecoin Breakthrough: A Token Pegged to Gold

Stablecoins are still rather a novelty at the cryptocurrency market, so its developers are coming up with new approaches to its main concept – being tied to something physical or fiat. Most stablecoins, like Tether and Gemini Dollar, chose an easy way – they just have a 1:1 exchange ratio with different fiat currencies, mostly USD.

However, a Singapore-based company Digix Global has created something brand new. They pegged its stablecoin DGX to gold. The official site claims:

Using blockchain technology, we represent physical gold with DGX tokens, where 1 DGX represents 1 gram of gold on Ethereum.”

The company has only started developing, but it already has 88100 grams of gold available. The management though is planning to expand the supplies of the platform in the nearest future.

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