KEY TAKEAWAYS
- Kraken lists USDT0, a new omnichain USD stablecoin, enhancing user options for digital asset management.
- USDT0, built on LayerZero’s OFT standard, facilitates seamless cross-chain transfers, improving capital efficiency.
- Launched on Ink, a DeFi Layer 2 on the Optimism Superchain, USDT0 addresses liquidity fragmentation across blockchains.
- Kraken plans to list more assets in the future, with announcements on their blog and social media.
Kraken has announced the listing of USDT0, Tether’s new omnichain USD stablecoin, on its platform. According to the announcement, deposits and withdrawals for USDT0 will be available starting at 15:00 PM UTC on January 16th. Users can add USDT0 to their Kraken accounts by navigating to the Funding section, selecting USDT, and clicking ‘Deposit’.
It is important for users to ensure that they deposit their tokens on the Ink network, as deposits made via unsupported networks will be lost. This new addition provides Kraken users with more options for managing their digital assets.
USDT0: A New Omnichain Stablecoin
USDT0 is designed to unify liquidity across multiple blockchains. Built on LayerZero’s Omnichain Fungible Token (OFT) standard, it allows seamless and secure cross-chain transfers without the need for independent deployments, liquidity pools, or bridging solutions. This structure aims to enhance capital efficiency and streamline asset movement across networks.
Launched exclusively on Ink, a DeFi-focused Layer 2 on the Optimism Superchain, USDT0 addresses liquidity fragmentation by enabling effortless integration for developers and smooth user transactions across supported chains. Each USDT0 token is fully backed 1:1 with USDT locked on Ethereum, ensuring security.
Future Asset Listings on Kraken
Kraken has indicated that more assets will be made available in the future, although specific details are not disclosed until shortly before launch. All available tokens can be found on Kraken’s website, and future announcements will be made on Kraken’s blog and social media profiles.
While USDT0 is categorized as a stablecoin, it is important to note that there is no guarantee that the asset will maintain a stable value in relation to the reference asset when traded on secondary markets. Additionally, the reserve of assets may not always be adequate to satisfy all redemptions.
For more information, the full announcement can be found here.
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