Tether has announced the launch of XAUt0, an omnichain version of its gold-backed stablecoin. This step aims to engage a broader user base within the blockchain ecosystem.
What is XAUt0?
XAUt0 is a version of XAUt, Tether's gold-backed stablecoin, capable of moving between various blockchains without requiring wrapping or middlechain dependencies. Currently, XAUt boasts over $832 million in circulation.
How does Omnichain Technology Work?
XAUt0 is built on LayerZero’s Omnichain Fungible Token standard, allowing tokens to transfer across chains. This technological advancement mirrors the deployment of USDT0, the crosschain version of the company's dollar stablecoin.
Significance of the Launch for the TON Ecosystem
The launch of XAUt0 on The Open Network (TON) comes amidst a rising interest in tokenized gold. It supports peer-to-peer payment systems for Telegram users, enhancing functionality in various decentralized finance applications.
The launch of XAUt0 marks a significant step for Tether, which may alter the landscape of both traditional and digital commodity markets amidst the growing demand for safe assets.
