Tether has launched a new gold-backed stablecoin 'XAUt0' on the TON blockchain. The token utilizes the layer zero's omnichain fungible token standard to support free movement across chains and is designed as an asset linked to one ounce of gold.
Unlike the existing Ethereum-based XAUt, XAUt0 can move directly between various blockchains without separate wrapping or middleware. Through this, the strategy is to enhance user convenience and accessibility, and expand the utilization of on-chain gold assets as a means of preventing inflation.
According to Tether, XAUt0 aims to achieve broader market access in connection with TON blockchain's high native usage rate. Currently, TON holds over 9.28 million USDT and is recording on-chain activity surpassing numerous L1 and L2 chains.
XAUt0 is based on one troy ounce of physical gold certified by the London Bullion Market Association (LBMA) and can also be used as a DeFi collateral or gold spot investment instrument. The first token distribution is scheduled to begin on June 2, 2025.
Tether stated that "the launch of XAUt0 will present a new standard in the digital gold market and provide flexibility and scalability that goes beyond the limitations of existing gold-based assets".
