The Pitch Sounds Good—And That’s the Danger When I first read that Tether wants to make gold usable for everyday payments using a new unit of account called “Scudo,” I understood the appeal immediately. Gold-backed money. Small, spendable units. Protection from inflation. A way out of fiat. That’s the sales pitch. But after decades in finance—and after watching every “convenient” innovation eventually turn into a control mechanism—I can tell you this plainly: digital gold inside a centralized system is still digital finance, and digital finance always comes with strings attached. Sometimes those strings are invisible—until they’re tightened. What Tether Is Really Proposing Tether wants people to transact in gold by using its gold-backed token, XAUT, denominated in smaller units called…
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