Bitcoin may be a distant alternative to safe havens, but CoinShares Group is betting that trading a digital gold asset linked to the token may provide investors with a sense of security.

The launch of the product, called DGLD, included US$20-million of the digital metal tied to an offset of bitcoin’s blockchain, with each token representing a 10th of a troy ounce. One ounce of gold for immediate delivery on Tuesday cost $1 483.61, or about a sixth the price of one bitcoin. Bullion often serves investors as a hedge against instability.

“As the stablecoin starts to become more popular, we’ve seen numerous attempts to create gold-backed coins,” Meltem Demirors, chief investment officer at CoinShares, which manages roughly $700-million of assets, said in an interview on Monday. To capture some of that market share, the London-based company decided to “create a coin that could functionally act as a stablecoin, but be backed by something physical, gold”, she said.

Some investors draw parallels between cryptocurrencies and hard assets like gold that offer no yield, partly because low-yield environments can boost the appeal of both and given both are free from ties to a sovereign entity, raising their appeal as havens from macro uncertainty. CoinShares’ product will compete with more than a dozen gold-backed or linked cryptocurrencies.

Still, with US monetary policy easing possibly on hold and as global bond yields pare declines this year, investors are eyeing a slow-growth bet for the metal. Meanwhile, bitcoin payment volume growth has slowed to about 3% this year from 15% in 2018. And even highly liquid stablecoins such as tether have drawn increased scrutiny.