Stablecoin giant Tether has partnered with the TON Foundation to debut an omnichain version of its gold-backed stablecoin, XAUt, on The Open Network (TON).
The new token, XAUt0, leverages LayerZero’s omnichain fungible token standard, enabling direct transfers of the gold-backed asset across multiple blockchains without the need for wrapping or intermediary chains.
Each XAUt0 token represents one troy ounce of gold, certified by the London Bullion Market Association and physically stored by Tether
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The launch is expected to enhance the appeal of the TON ecosystem, which recently suffered an outage due to a technical error in the processing of the masterchain dispatch queue.
It also comes amid a surge in gold prices, with spot gold trading near all-time highs and gold-backed digital assets seeing increased demand as inflation hedges.
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