The stablecoin solution from Tether, known as USDT0, is now available on Ink, a layer 2 blockchain developed by the cryptocurrency exchange Kraken.
On January 16th, Ink was announced as the initial blockchain platform chosen by Tether for the rollout of their cross-chain Tether (USDT) development, specifically the USDT0 token designed for compatibility and expansion across various networks.
The latest token has been developed utilizing LayerZero’s Multichain Fungible Token benchmark, with the goal of boosting the use of USDT by providing a seamless “liquidity bridge” for transactions across multiple blockchains.
As Tether explains, the creation of USDT0 aims to accelerate the global adoption of the world’s leading stablecoin by offering significant advantages like interoperability, enhanced liquidity, and increased user-friendliness. By leveraging LayerZero’s OFT standard, USDT0 operates as a “unified asset,” thereby eliminating the requirement for liquidity pools or custom bridges.
Today, USDT (Tether) stands as the globally recognized digital dollar and stablecoin, boasting a massive user base of hundreds of millions in developing and emerging economies… Moving forward, I am confident that USDT0 will facilitate the expansion of USDT’s reach across numerous blockchains, thereby driving interoperability to new heights, as stated by Tether CEO Paolo Ardoino via X.
Partnering with Ink, USDT0 is now accessible on the Kraken Exchange. Among the initial collaborations are MegaETH and BeraChain.
USDT0 operates by securing USDT on the Ethereum network while creating a corresponding USDT0 token within the Ink ecosystem. By doing so, it tackles the issue of liquidity division associated with USDT, thereby providing a cross-chain user experience that benefits the entire community.
As a researcher, I’m sharing that USDT0 functions as a 1:1 equivalent of Tether’s USDT on the Ethereum blockchain. This means that at any given moment, users have the option to swap their USDT0 for an equal amount of USDT.
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2025-01-16 21:16