According to reports, Polygon, as an Ethereum (ETH) Layer 2 (L2) scaling solution, is about to upgrade to the USDT0 standard and launch full-chain versions of Tether's USDT and XAUT, achieving a unified liquidity network.
USDT0 and XAUt0 both utilize LayerZero's full-chain transferable token (OFT) technology to enable cross-chain liquidity. The operator of USDT0, Everdawn Labs, stated to Cointelegraph on Wednesday that these two stablecoins are set to go live on the Polygon blockchain.
This integration is a milestone for XAUt0. Polygon is the third blockchain to achieve integration, following the debut of TON and the HyperEVM integration on the Hyperliquid platform.
For USDT0, Polygon becomes its 11th supported blockchain, showcasing the design concept of providing an "interoperability pillar" for Tether USDt (USDT), according to USDT0 co-founder Lorenzo R, who spoke to Cointelegraph.
USDT0 and XAUt0 differ from the underlying stablecoins issued by Tether, USDT (pegged to the US dollar) and XAUT (pegged to gold). They are not directly backed by cash or assets like gold but are minted by depositing USDT or XAUT into specific contracts on Ethereum (ETH).
USDT0 is based on Tether's core infrastructure, allowing users and blockchains to access their USDT tokens on the desired network, Lorenzo R mentioned to Cointelegraph in May.
USDT0, as the full-chain version of USDT, is set to launch in January 2025. Tether's USDT stablecoin has been around for over a decade since its debut as Realcoin in October 2014.
XAUt0 will follow, with USDT0 announcing its initial deployment on the TON blockchain in early June 2025.
Since its launch in January, USDT0 has grown rapidly, with a market cap nearing $1.6 billion within two months. In contrast, XAUt0 has seen slower growth, with a current market cap of only $2.5 million, according to CoinGecko data.
Lorenzo R stated to Cointelegraph that USDT0 chose to expand its ecosystem on Polygon because the network has become "one of the strongest ecosystems for stablecoin payments, decentralized finance (DeFi), and enterprise applications."
According to Lorenzo R, the liquidity of USDT on Polygon has exceeded $1 billion, with over 6 million wallets, providing a foundation for USDT0 to become a mainstream standard for stablecoin transfers.
"Please note that the PoS USDT, which is the current USDT on Polygon, will upgrade to USDT0, with the contract address remaining unchanged, but the tokens will be incorporated into the USDT0 network," Lorenzo R added, referring to a Polygon contract address with 1.3 billion tokens.
Additionally, infrastructure upgrades on Polygon, such as AggLayer and the Bhilai hard fork, make it an "ideal choice for full-chain liquidity," Lorenzo R pointed out.
"With Polygon synchronously launching USDT0 and XAUt0, it not only opens up stablecoin channels but also brings locally gold-backed liquidity to one of the most mainstream blockchains, which aligns closely with the adoption of DeFi, payments, and institutional-grade RWA (real-world assets)," he said.
According to Lorenzo R, the integration with Polygon allows USDT0 to achieve another upgrade exceeding $1 billion, following Arbitrum One.
The supply of USDT0 and XAUt0 locked on Ethereum (ETH) corresponds to the total issuance of full-chain tokens across various networks. Ethereum (ETH), as the "LockBox" chain, serves as the entry chain for USDT and XAUt to enter the USDT0 ecosystem.
As this news is released, the stablecoin market continues to heat up. Tether's USDT, as the largest stablecoin by market cap, surpassed $167 billion in mid-August, while its gold-backed token XAUT also broke the $1 billion mark for the first time on August 8.
Related: Tron’s fee reduction proposal is nearing approval, with strong voting momentum.
Original article: “USDT0 and XAUt0 stablecoins launch on the Polygon network”
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