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.
Read More
- We’re Terrible At Organizing Things.’ Tom Holland Reveals The Sweet Holiday Scheme He And Zendaya Are Going To Try Next Year
- Path of Exile 2: How To Find & Unlock the Realmgate
- Yarrow Slaps’ Distorted Celebrity Portraits Take Center Stage in New Video Game-Inspired Show
- Girls Frontline 2 Exilium tier list
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- NewsNation Taps Leland Vittert to Replace Dan Abrams
- XLARGE Celebrates Lil Wayne With New Collection
- Million-Dollar Crypto Scandal: Abra Pays Up in SEC Settlement
- Deva: Shahid Kapoor and Pooja Hegde’s lip-lock scene gets trimmed by CBFC? Film’s runtime and rating revealed
- Joel McHale Joined Scream 7 And His Role Destroys A Popular Fan Theory
2025-01-16 21:16