Tether announced the launch of XAUt0, an omnichain version of its gold-backed stablecoin XAUT. The initial deployment of the asset will occur on The Open Network in collaboration with the TON Foundation.
XAUt0 enhances Tether Gold’s capabilities by enabling the token to move across different blockchains. The technology is based on LayerZero’s OFT standard, ensuring seamless and secure transfers between networks while maintaining full 1:1 backing.
Key advantages of XAUt0 include:
- access to gold-backed liquidity pools;
- simultaneous minting and burning of tokens during cross-chain transfers;
- integration of gold into DeFi applications, including lending and arbitrage.
XAUT is the largest gold-backed stablecoin by market capitalization, with a volume exceeding $828 million, according to CoinGecko. Its closest competitor, Paxos’ PAXG, has a capitalization of approximately $808 million.
In May, JPMorgan stated that in the second half of the year, the leading cryptocurrency would continue to rise in price, outpacing the precious metal.