Latest news with #LayerZero
Crypto Insight
6 days ago
- Business
- Crypto Insight
Tether debuts omnichain gold stablecoin on TON
Tether announced a partnership with the TON Foundation to debut an omnichain version of its gold stablecoin XAUt on The Open Network, in an effort to expand the token across ecosystems. The new token, 'XAUt0,' was built on LayerZero's Omnichain Fungible Token standard, which allows tokens to be transferred through blockchains without wrapping or middlechains. XAUt, the token's non-omnichain version, is the largest gold stablecoin by market capitalization, with over $832 million, according to CoinGecko. It is closely followed by Paxos's Pax Gold, which holds a market cap of $811 million as of June 2. XAUt is available only on the Ethereum blockchain. Tether has more than 7.7 tons of physical gold backing the XAUT stablecoin, according to the company's Q1 2025 attestation report. Each XAUt token represents one troy ounce of the global asset, which is reportedly being stored in a Swiss vault. XAUt0 may mimic Tether's rollout of USDT0 (USDT0), a crosschain dollar-backed stablecoin deployed across Optimism's Superchain, an ecosystem that has at least eight blockchains. USDT0 is a bridged token of Tether's USDt, the company's dollar-backed stablecoin. Tether also deployed USDt onto the TON blockchain in April 2024. Gold rises backed by economic uncertainty Gold is considered a safe-haven asset and, in 2025, has experienced a steep appreciation in price due to economic uncertainty, particularly due to ongoing global trade wars. Gold's price was at $3,304 per ounce on May 30, up $2,327 from a year ago — a 29.5% jump in 12 months. In addition, Gold exchange-traded funds (ETFs) have experienced significant gains year-to-date, with the eight top funds by total assets experiencing increases of more than 25%. Gold ETFs are a popular way to trade the asset. Tether's omnichain gold token will compete with similar ETFs and other traditional gold investment instruments. Source:
Yahoo
6 days ago
- Business
- Yahoo
Stablecoin Protocol USDT0 Aims to Bring Tokenized Gold Closer to DeFi
Stablecoin protocol USDT0 is giving tokenized gold a crypto native spin, aiming to make the world's oldest stores of value compatible with decentralized finance (DeFi) applications. The platform is introducing the XAUT0 token, which builds on Tether Gold (XAUT) but integrates an omnichain architecture to expand its utility for trading and as collateral on lending protocols. The token uses LayerZero's Omnichain Fungible Token (OFT) standard to move seamlessly across blockchains without relying on bridges or wrappers. Tether's XAUT corresponds to one troy ounce of gold stored in a Swiss vault, linked to a specific bar meeting London Bullion Market Association standards. It's also redeemable for physical gold. The new offering follows the protocol's first offering USDT0, a unified liquidity layer for Tether's USDT stablecoin that's available on ten blockchains including Arbitrum, Optimism and Kraken's Ink. Since launching earlier this year, the token ballooned to a $1.3 billion circulating supply. "I am a big bitcoin BTC guy myself," Lorenzo R., co-founder of USDT0 told CoinDesk in an interview. "But I also like gold and would love to have an easier and more straightforward way to acquire and actually be able to use it in my everyday life." "We are still very early when it comes to actual integration of real-world assets and commodities into DeFi protocols," he added. The token's first deployment will occur on The Open Network (TON), the blockchain powering popular messaging app Telegram's crypto features. Telegram users will be able to buy and use the gold-backed token directly within Wallet in Telegram, potentially introducing the tokenized asset to millions of users. TON was originally developed by Telegram, then continued as an independent operation after settling a lawsuit by the U.S. Securities and Exchange Commission (SEC) in 2020. A broader promotional rollout of XAUT0 to more blockchains is planned for Q3 this year. "There are multiple chains that we're going to be launching on, and some of these chains are going to have more DeFi spin to it," Lorenzo R. said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-04-2025
- Business
- Yahoo
LayerZero's ZRO Jumps 10% as VC Firm Andreessen Horowitz Buys $55M Worth
Interoperability protocol LayerZero's native token (ZRO) surged Thursday on news that venture capital firm Andreessen Horowitz's (a16z) crypto arm increased its investment in the project. The company acquired additional $55 million ZRO tokens committing to a 3-year lock-up period, general partner Ali Yahya said in an X post. A16z has been an early backer of the protocol's development firm LayerZero Labs, participating in the team's $135 million series A fundraising round in 2022 and the following $120 million series B round in 2023. ZRO advanced 10% to $2.56 following the announcement before shedding some of the gains. The token was recently up around 5% during the day, outperforming the broad-market CoinDesk 20 Index and bitcoin (BTC) gains. LayerZero is a key piece of infrastructure that allows communication between isolated blockchains with cross-chain messages. The protocol underpins 125 blockchains, has facilitated over 145 million cross-chain messages and $75 billion in value transfers. Its tech supports projects such as PayPal's stablecoin, DeFi protocols Ethena and Pendle, and was selected as an issuance partner for Wyoming's stablecoin project. The investment will help the protocol expand beyond interoperability to token issuance, data management, governance and improving databases, according to an email. Sign in to access your portfolio
Yahoo
28-03-2025
- Business
- Yahoo
Wyoming could launch state-issued stablecoin in July
The U.S. state of Wyoming is planning to launch its state-issued stablecoin in July 2025, Governor Mark Gordon said on March 26. Called the Wyoming Stable Token (WYST), the stablecoin will be launched on LayerZero. It will be available across several blockchains, such as Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base. LayerZero is a blockchain interoperability protocol. It means that the protocol allows developers to transfer data across multiple blockchains. A stablecoin is a type of cryptocurrency that attempts to maintain a stable value by being pegged to a relatively stable asset such as a fiat currency or a commodity. Being a crypto asset, a stablecoin offers typical associated benefits such as fast transactions and decentralization. However, it tends to avoid the general volatility of the crypto market. Wyoming Stable Token is currently being tested and will likely be launched by July 2025. Backed by both cash and U.S. Treasury securities, the stablecoin will be over-collateralized to address the risk of de-pegging. Interest from the treasuries will flow into the state's school foundation fund. Governor Gordon noted, 'Our forward-thinking approach to blockchain and digital asset legislation has positioned Wyoming as a model for not only other states, but the federal government as well.' 'Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires,' said Wyoming Stable Token Commission Executive Director Anthony Apollo. The Commission, which will look after the stablecoin launch, was created in March 2023 under the Wyoming Stable Token Act. As per DefiLlama, the market capitalization of the stablecoin market stood at $222 billion as of March 27. Sign in to access your portfolio
Yahoo
28-03-2025
- Business
- Yahoo
Wyoming State Gears Towards Launching a Stablecoin This Year
Wyoming state is making steps towards launching a stablecoin later this year, which could be the first fiat-backed and fully reserved token issued by a public entity in the U.S., state officials said at the DC Blockchain Summit on Wednesday. The Wyoming Stable Token (WYST) is currently being tested on Avalanche, Solana, Ethereum, Arbitrum, Optimism, Polygon and Coinbase's Base testnets, according to a press release. The state is working with LayerZero, a blockchain interoperability firm, to facilitate token deployment across these networks, said Wyoming Stable Token Commission Executive Director Anthony Apollo on stage. Speaking at the event, Governor Mark Gordon and Apollo said that the token's testing phase will continue through the second quarter, with a potential full launch targeted for July. 'The next phase of testing and customizing smart contracts is an imperative step towards delivering the best product for Wyoming and stable token holders,' said Anthony Apollo. 'Once launched, WYST will grant holders the ability to transmit dollar-denominated transactions of any value, anywhere in the world, nearly instantly, with significantly reduced fees compared to traditional ACH or wires.' Stablecoins are one of the fasting-growing crypto sectors with now nearly $230 billion market value. They are blockchain-based tokens with a fixed price, predominantly to the U.S. dollar, and increasingly popular for payments and remittances. Buzz around the asset class accelerated over the past months as the Trump administration elevated stablecoin regulation to the top of its crypto agenda, with bills advancing in both the House of Representatives and the Senate. Read more: U.S. House Stablecoin Bill Poised to Go Public, Lawmaker Atop Crypto Panel Says Global banks and digital asset firms are keen to capitalize on the opportunity. Asset management behemoth Fidelity Investments reportedly develops a stablecoin, while World Liberty Financial (WLFI), a decentralized finance protocol backed by President Donald Trump, confirmed it too has plans to offer a stablecoin.
