Tether and LayerZero announced on Jan. 16 a joint effort to launch USDT0, a multichain version of the Tether USD (USDT) stablecoin.
The Omnichain Fungible Token (OFT) standard, developed by LayerZero, will power the cross-chain transfers. According to USDT0 documentation, OFT unifies liquidity across connected chains and validates transactions through a decentralized network of oracles and relayers.
The documentation also claims to eliminate the need for intermediary bridges and wrapped assets by applying a messaging layer to send tokens. Additionally, USDT0 uses USDT tokens locked in a smart contract on the Ethereum mainnet.
Once assets are locked, USDT0 tokens are minted on the target chain in a 1:1 ratio, reflecting the locked assets on Ethereum. Users can redeem USDT0 tokens by unlocking the corresponding USDT on Ethereum.
Tether CEO Paolo Ardoino stated:
“By improving interoperability and reducing friction, it enhances the user experience in ways that align with the broader
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