Tether debuts omnichain gold stablecoin on TON
The XAUt0 token will compete with other gold-backed stablecoins and traditional gold investment instruments.
Tether announced a partnership with the TON Foundation to debut an omnichain version of its gold stablecoin XAUt (XAUT) on The Open Network (TON), in an effort to expand the token across ecosystems.
The new token, “XAUt0,” was built on LayerZero’s Omnichain Fungible Token standard, which allows tokens to be transferred through blockchains without wrapping or middlechains.
XAUt, the token’s non-omnichain version, is the largest gold stablecoin by market capitalization, with over $832 million, according to CoinGecko. It is closely followed by Paxos’s Pax Gold (PAXG), which holds a market cap of $811 million as of June 2. XAUt is available only on the Ethereum blockchain.
