Stablecoin giant Tether announced the launch of USDT0 on Kraken’s Layer 2 blockchain Ink on Monday.
The new stablecoin solution is designed to expand USDT’s footprint across multiple blockchains while maintaining its 1:1 backing with USDT on Ethereum.
The solution is built on LayerZero’s Omnichain Fungible Token standard and leverages the Optimism Superchain for its operations.
With nearly $140 billion in circulation, USDT has become a lynchpin in decentralized finance, providing essential financial infrastructure throughout the world.
Paolo Ardoino, CEO of Tether, highlighted the innovation behind USDT0, stating:
“This integration marks a significant milestone in our mission to make USDT ubiquitous across the multichain landscape. By improving interoperability and reducing friction, it enhances the user experience in ways that align with the broader vision of Tether.”
The integration with Ink enables users to access institutional liquidity and perform deposits and withdrawals directly through their Kraken accounts.
Andrew Koller, founder of Ink, said: “We’re excited to see USDT choose Ink for its L2 stablecoin liquidity hub, enabling faster, cheaper, and more secure movements of USDT across chains. USDT0 choosing Ink as its first chain is the beginning of a new standard for how stablecoin liquidity should flow across all chains in the future.”
The system operates by locking USDT on the Ethereum Mainnet, followed by the minting of equivalent USDT0 tokens on the destination chains.
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