Tether, one of the largest stablecoin issuers globally, has partnered with the TON Foundation to launch XAUt0, a new version of its gold-backed stablecoin XAUt that operates on multiple blockchains.
Features of XAUt0
XAUt0 is built using LayerZero’s Omnichain Fungible Token (OFT) standard, allowing it to be transferred between different networks without the need for rewrapping or third-party bridges.
Launch on the TON Network
The initial launch of XAUt0 took place on The Open Network (TON), which was originally developed under Telegram but later became independent. TON is rapidly growing, attracting users from the messaging app.
Potential of XAUt0 in the Market
The launch of XAUt0 aims to expand DeFi applications on the TON network and popularize P2P payments among Telegram users. The token stands as a cross-chain version of the original XAUt, currently existing only on Ethereum with a market cap exceeding $832 million.
With the launch of XAUt0, Tether continues to strengthen its position in the stablecoin market while enhancing user accessibility and gold availability in times of economic uncertainty.
