Tether Launches USDT0 on Kraken's Ink Layer 2 Using LayerZero's OFT Standard

Jan 16, 2025, 04:34 PM

Tether has launched a new cross-chain stablecoin, USDT0, marking its first deployment on Kraken's Ink Layer 2. USDT0 aims to enhance liquidity across the cryptocurrency ecosystem by facilitating easier transfers of USDT between different blockchains. The initiative leverages LayerZero's Omnichain Fungible Token standard, starting with transfers between Ink and Ethereum. This move is seen as a significant step towards creating a unified liquidity layer for USDT, potentially impacting global economic activities facilitated by cryptocurrencies. Tether, valued at nearly $140 billion, has been pivotal in banking the unbanked and enabling significant economic exchange.