USDT0 developer Everdawn Labs rolls out XAUT0, an omnichain version of Tether Gold

Everdawn Labs, the team behind USDT0, has introduced XAUT0, an omnichain version of Tether's tokenized gold, XAUT, that allows for cross-chain transactions of tokenized gold, initially launching on the TON blockchain in collaboration with TON Foundation.

Launched in 2020, Tether Gold  (XAUT) is an early real-world asset token with over 7.7 tons of LBMA-certified gold backing its $770 million market cap, according to Tether's Q1 attestation. Each token equals one troy ounce stored in a Swiss vault, providing 24/7 liquid tokenized access to the gold market.

XAUT0 follows the success of USDT0 — an omnichain version of Tether's USDT stablecoin designed for compatibility with multiple blockchains. USDT0 has reached a market cap of $1.3 billion across nine networks since launching in January. USDT0 is fully backed by USDT — the largest stablecoin by market capitalization, though not directly managed by Tether. USDT0's omnichain deployment is independently handled by Everdawn Labs. USDT is locked on Ethereum, and USDT0 is minted on the destination chains.

Initially launched as an ERC-20 token on Ethereum, XAUT later expanded to the Tron network as a TRC-20 token, though it did not natively expand to further blockchains, unlike its USDT cousin. Like USDT0, XAUT0 utilizes LayerZero's Omnichain Fungible Token (OFT) standard to facilitate seamless cross-chain transfers without the need for traditional bridges or wrapped tokens.

"Very impressive, XAUT can now travel through (block)space with XAUT0," Tether CEO Paolo Ardoino said on X.

XAUT is currently trading for $3,359, according to The Block's Tether Gold Price page, reapproaching all-time highs.