6 days ago
Stablecoin protocol USDT0 is giving tokenized golden a crypto autochthonal spin, aiming to marque the world’s oldest stores of worth compatible with decentralized concern (DeFi) applications.
The level is introducing the XAUT0 token, which builds connected Tether Gold (XAUT) but integrates an omnichain architecture to grow its inferior for trading and arsenic collateral connected lending protocols. The token uses LayerZero’s Omnichain Fungible Token (OFT) modular to determination seamlessly crossed blockchains without relying connected bridges oregon wrappers.
Tether's XAUT corresponds to 1 troy ounce of golden stored successful a Swiss vault, linked to a circumstantial barroom gathering London Bullion Market Association standards. It's besides redeemable for carnal gold.
The caller offering follows the protocol's archetypal offering USDT0, a unified liquidity furniture for Tether's USDT stablecoin that's disposable connected 10 blockchains including Arbitrum, Optimism and Kraken's Ink. Since launching earlier this year, the token ballooned to a $1.3 cardinal circulating supply.
"I americium a large bitcoin BTC feline myself," Lorenzo R., co-founder of USDT0 told CoinDesk successful an interview. "But I besides similar golden and would emotion to person an easier and much straightforward mode to get and really beryllium capable to usage it successful my mundane life."
"We are inactive precise aboriginal erstwhile it comes to existent integration of real-world assets and commodities into DeFi protocols," helium added.
The token’s archetypal deployment volition hap connected The Open Network (TON), the blockchain powering fashionable messaging app Telegram’s crypto features. Telegram users volition beryllium capable to bargain and usage the gold-backed token straight wrong Wallet successful Telegram, perchance introducing the tokenized plus to millions of users. TON was primitively developed by Telegram, past continued arsenic an autarkic cognition aft settling a suit by the U.S. Securities and Exchange Commission (SEC) successful 2020.
A broader promotional rollout of XAUT0 to much blockchains is planned for Q3 this year.
"There are aggregate chains that we're going to beryllium launching on, and immoderate of these chains are going to person much DeFi rotation to it," Lorenzo R. said.
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