Tether Floats New Stablecoin USDT0 on Kraken’s Ink Protocol
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Financial technology and payments giant Tether has tapped Kraken to launch a new stablecoin dubbed USDT0. Precisely, the stablecoin issuer initially leveraged the crypto exchange’s Ink Protocol to deploy USDT0. Ink is Kraken’s flagship Ethereum Layer-2 solution. USDT0 Product, Here’s Key Details to Note In its January 16 announcement, Tether said USDT0 aims to develop into a cross-chain “unified liquidity layer.” This will make the transfer of USDT across several blockchain infrastructures easier. The stablecoin utilizes LayerZero’s Omnichain Fungible Token (OFT) standard. As Tether noted, this relayer is designed to mint and burn tokens on different blockchains. For context, the major function of the OFT framework is ensuring that there is a locked USDT on Ethereum backing each USDT0 token minted on a destination blockchain. Introducing USDT0.@Tether_to has completely reshaped global economies and in just over a decade has become the single largest stable asset in the world at almost $140B. It fulfilled crypto’s original promise of banking the unbanked and providing critical financial… pic.twitter.com/36oZJd6F3Q — USDT0 (@USDT0_to) January 16, 2025 – Advertisement – This will help to maintain the token’s stability and reliability. The new token could also be instrumental in spreading Tether’s liquidity and useability. Moreover, USDTO0 marks a crucial step towards facilitating smoother cross-chain transactions for Tether users. Tether is the world’s largest stablecoin issuer, judging by its market capitalization. USDT prides itself on being the most liquid and most used stablecoin. It is worth noting that Paolo Ardoino’s takeover as CEO in late 2023 is crucial to the company’s progress so far. During this time, some of its key achievements include launching Bitcoin mining operations in El Salvador. In addition, Tether is also creating an internal AI research team. Regarding the stablecoin, Ardoino said, “USDT0 introduces a much-needed solution for seamless USDT movement across ecosystems. It’s exciting to…
Filed under: News - @ January 17, 2025 8:26 am