Tether is deepening their bet on their gold backed stablecoin. And now, they’re rolling it out to more blockchains.
What’s happening:
- Tether has launched a new omnichain version of their gold backed stablecoin Tether Gold known as XAUt0
Why it matters:
- XAUt0 is built using LayerZero’s Omnichain Fungible Token standard, which allows for seamless transfers across multiple blockchains without the need for bridges or token wrapping
Going deeper:
- Every single XAUt0 token represents direct ownership of one troy ounce of physical gold, which is certified by the London Bullion Market Association and physically secured in vaults in Switzerland
- The Open Network is the first blockchain to integrate XAUt0 for trading, which allows users of popular encrypted massaging app Telegram to purchase XAUt0 through their in app crypto wallet
The intrigue:
- Tokenizing commodities on the blockchain has continued to make waves in both the private and public markets, with Christian Angermayer’s family office just recently making a strategic investment into a startup tokenizing physical uranium and BioSig Technologies (NASDAQ: BSGM) entering into a merger agreement with Streamex Exchange to tokenize gold and other commodities
