A gold-backed crypto token is a type of stablecoin where each token is backed with physical gold. With the stable token price pegged to the gold real price, there is less price volatility compared to Bitcoin or other cryptocurrencies.
Advantages of gold-backed stablecoin
Stable and reliable: Gold-backed stablecoin expresses the term of valuation of gold prices. Thus it makes it more stable and reliable than any other cryptocurrencies.
Store of value: Before the creation of stablecoins, crypto-assets were considered to be a product for highly effective. As a huge active of investors and individuals looking for a solution to combat inflation and a secured product.
Access to blockchain apps: Gold-backed crypto coin development is developed in such a way that they are able to access blockchain applications. Trade and shopping can be done easily through tokenized gold assets.
Easier to store and sell: undoubtedly gold-backed stablecoins are much easier to store and sell them off as in connection to physical gold.
The top 5 gold-backed stable crypto tokens are:
- Perth Mint Gold Token (PMGT)
- DigixGlobal (DGX)
- PAX Gold (PAXG)
- Tether Gold (XAUT)
- Meld Gold by Algorand
How to create a gold-backed stablecoin?
Gold-backed stable coin development needs some accurate steps.
- You should have a clear idea of the features and functionality of your stablecoin.
- Creating a gold-backed cryptocurrency needs a strong hand on programming knowledge.
Let us further explore some basic steps of the gold-backed stablecoin development process;
- Choose upon the blockchain consensus algorithm and mechanism such as PoW, PoS & DPoS
- Or Choosing the immutable blockchain platform which is a better one for stable token development
- Designing of nodes and blockchain properties Implement APIs to be executed on the blockchain
- Creating of the intuitive user panel Align with the legal complexities of the crypto business
Technical expertise is a must in creating a gold-backed stablecoin. If you wish to hire a stablecoin developer who can assist you in developing a robust gold-backed stablecoin, then you must leverage on some real-world experience. Asset-backed stablecoin development needs some outstanding features like safe and encrypted structure, high liquidity, governance token, energy-efficient, transparent system and others.
Developcoins is a top-notch stablecoin development company that provides leading-edge solutions in delivering the complete stablecoin with a decentralized ecosystem. From white paper creation to stable token development consulting and stablecoin marketing, we have covered you all.