Digital asset banking platform SEBA is offering a stablecoin that serves as a token for digital ownership of gold.
- The token will be backed by physical gold, “ready for anytime, on-demand delivery,” SEBA announced Wednesday.
- The Zug, Switzerland-based firm said the token differs from other gold derivative investment products, such as exchange-traded funds (ETFs) or over-the-counter (OTC) contracts, because investors can redeem the physical metal at any time.
- The token can also be used as a compliant stablecoin in trading or act as a store of value, SEBA said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.