Kitco, a Canadian precious metals retailer, is set to issue a stablecoin that will be backed by gold.
The stablecoin will be known as KGLD, and will be backed by gold located in Kitco's DirectReserve vaults. In this way, its value will be in line with the real-time value of gold.
Kitco will work with Hong Kong's First Digital Trust, Stably and Tradewind Markets on the project, with the companies providing services such as anti-money laundering strategies, KYC procedures, compliance, smart contracts and settlement aid.
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