Tether has proposed the term "scudo," denoting 1/1000 of a troy ounce of gold. This will become the new unit of account for the XAUT stablecoin.
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The company thus aims to restore the precious metal's payment function: "As investors increasingly turn to gold to preserve purchasing power, this creates an opportunity to revive it as a reliable and transparent payment method, which has accompanied humanity throughout history until recently, when governments switched to fiat currencies."
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The introduction of the "scudo" will simplify the process of pricing goods in gold equivalents, eliminating the need to calculate inconvenient decimal numbers. SATs were developed for Bitcoin for similar reasons.
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