Tether is now supporting a gold-backed stablecoin, Tether Gold (XAU₮), according to a Jan. 23 press release. One token represents ownership of one troy fine ounce of physical gold, currently worth approximately $1,550.

The new product is available as an ERC-20 token on the Ethereum blockchain, as well as a TRC20 token on Tron (TRX).

The funds are said to be backed by physical gold held in a “Switzerland vault,” the press release reads. According to Tether, its gold offering is the only product among its competition that does not charge custody fees.