StableCOin -Protocol Usdt0 gives tokenized gold a crypto -inborn spin, aiming to make the world’s oldest value stores compatible with decentralized financing (defi) applications.
The platform introduces the Xaut0 token, which is based on Tether Gold (Xaut), but integrates an omnichain architecture to expand its applicability to trade and as a security for lending protocols. Token uses Layerzero’s omnichain fungible token (often) standard to move seamlessly over blockchains without relying on bridges or wrapping.
Tether’s Xaut corresponds to a Troy ounce of gold hidden in a Swiss vault linked to a particular bar that meets the London Bullion Market Association standards. It can also be redeemed for physical gold.
The new offer follows the protocol’s first offer on USDT0, a total liquidity layer for Tether’s Usdt StableCoin, available on ten blockchains including Arbitum, Optimism and Kraken’s Ink. Since launching earlier this year, the token ballooned to a circulating supply of $ 1.3 billion.
“I’m a big bitcoin
Guy himself, “Lorenzo R., co -founder of USDT0 told Coindesk in an interview.” But I also like gold and would very much like to have an easier and more straightforward way to acquire and actually be able to use it in my everyday life. “
“We are still very early when it comes to the actual integration of assets and raw materials in the real world in defi-protocols,” he added.
Token’s first implementation will occur on Open Network (ton), blockchain operation of popular messaging -App telegrams crypto features. Telegram users will be able to buy and use the gold-supported token directly within the Telegram wallet and potentially introduce the tokenized asset to millions of users. Ton was originally developed by Telegram and then continued as an independent operation after conducting a trial from the US Securities and Exchange Commission (SEC) in 2020.
A wider promotional roll -out of XAUT0 to multiple blockchains is scheduled for Q3 this year.
“There are more chains that we will launch on, and some of these chains will have more defi spin for it,” said Lorenzo R.
