Stablecoin issuer Tether has announced the launch of a new omnichain stablecoin, denoted as USDT0, on the Kraken platform. Deposits and withdrawals of the token have been enabled as of January 16.
The stablecoin is built on the Omnichain Fungible Token (OFT) standard from LayerZero. This technology facilitates secure cross-chain transactions, rendering the need for bridges, liquidity pools, or separate launches on different blockchains redundant. It will be interesting to see if this is an attempt to work around MiCA restrictions, given that only four companies had received licenses in the EU as of the end of 2024, and Tether is not among them.
Here's what USDT0 offers:
Ink — a Layer 2 solution designed for DeFi, optimized for capital efficiency and user experience. This marks the first time that the Ink network is being utilized for token launches by Tether.
“USDT0 will help remove the friction in using liquidity across chains. We are excited to work with Tether on this,” — Andrew Koller, Developer of the Ink network and Head of Project at Kraken.
For Kraken users, deposits can be accessed under the "Funding" tab. It's crucial to note that deposits should be made only through the Ink network, as transactions via other networks are not supported (and may result in lost funds).
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