Commodity-backed Cryptocurrencies dominated by gold-backed tokens has seen a historic increase in issuance this week, throwing quantities hitting their highest point of at least five years.
The jump comes after Gold Futures traded over a $ 3,500 all the time this week after the Swiss precious metal association warned that the US 39% duty in Switzerland could have “negative influence” on the international flow of physical gold. Both Gold Square and Futures fell after the original climb when a White House official told Bloomberg that the president would introduce a policy that clarified that imports of gold rods should not be subject to customs.
However, it did not prevent gold -supported tokens from being embossed.
The warning also saw gold -based cryptocurrencies, including tether gold
and Paxos Gold (Paxg)Short Top $ 3,390 before going back. MINTING -VOLURE PR. Rwa.xyz -Data reached $ 439 million during the week, more than doubled the previous record of $ 195 million seen by 2021.
These symbols, supported by physical reserves held in vaults, allow investors to get exposure to precious metal and can be transferred immediately to the chain without crossing borders.
Switzerland, which fine -tunes a large proportion of the world’s gold despite having no own mines, exported more than $ 61 billion worth the metal to the United States in the past year.
The move has triggered a political setback in Switzerland, with some legislators calling for the gold sector to should be part of the economic fall. The precious metal is over a quarter of Switzerland’s exports per year. Swiss National Bank -Data.
