The Stablecoin USDT0 protocol gives tokenized gold a native spin of crypto, aimed at creating the oldest value reserves in the world compatible with decentralized financing applications (DEFI).
The platform introduces the XAUT0 token, which relies on Tether Gold (XAUT) but incorporates Omnichain architecture to extend its usefulness for trading and as a guarantee on loan protocols. The token uses the Layerzero (OFT) omnichain Fungible token standard to move transparently through the blockchains without counting on bridges or packaging.
The Xaut de Tether corresponds to an ounce of golden gold stored in a Swiss safe, linked to a specific bar meeting the standards of London Bullion Market Association. It is also redeemable against physical gold.
The new offer follows the first offer of the USDT0 protocol, a unified liquidity layer for the Stablecoin USDT from Tether which is available on ten blockchains, notably Arbitrum, Optimism and Kraken’s Ink. Since its launch earlier this year, the token has climbed to a circulating offer of $ 1.3 billion.
“I am a big bitcoin
Myself, “Lorenzo R., co-founder of the USDT0, told Coindesk in an interview.” But I also like gold and I would like to have an easier and easier way to acquire and be able to use it in my daily life. “”
“We are still very early with regard to the real integration of active assets and products in the protocols DEFI,” he added.
The first deployment of the token will occur on the open network (tone), the blockchain supplying the crypto features of the Popular Telegram messaging application. Telegram users will be able to buy and use the Golden Back token directly in Wallet in Telegram, potentially introducing tokenized assets to millions of users. Your was initially developed by Telegram, then continued as an independent operation after having legal action by the American Securities and Exchange (SEC) commission in 2020.
A wider promotional deployment from XAUT0 to more blockchains is scheduled for the third quarter this year.
“There are several channels on which we are going to launch, and some of these channels will have more queues there,” said Lorenzo R.
