Digital asset banking platform SEBA is providing a stablecoin that will act as a token for digital ownership of gold.
Source: SEBA Bank
SEBA down -2.34%
SEBA stated that the token will be supported by underlying physical gold, further noting ready for anytime delivery on-demand.
The Zug, Switzerland-based company stated that the token is different from other gold derivative investment offerings, such as ETFs and OTC contracts, as investors can redeem the physical metal any time.
The token will also be used as a legally compliant stablecoin in trading or acting as a store of value.
Stablecoins and other digital assets supported by physical redeemable gold have also existed. But only New York-based platform Paxos launched one in September 2019.