Tether has launched an omnichain version of its gold-backed stablecoin, XAUt0, in partnership with the TON Foundation, aimed at expanding its reach across different blockchain ecosystems. Built on LayerZero's Omnichain Fungible Token standard, XAUt0 enables seamless transfers between blockchains. Currently, Tether's traditional XAUt token is the largest gold stablecoin by market capitalization, valued at over $832 million. Each XAUt token represents one troy ounce of gold, backed by more than 7.7 tons of physical gold stored in a Swiss vault. This new token comes amid a rise in gold prices due to global economic uncertainties, having appreciated significantly over the past year. Tether's omnichain gold stablecoin aims to compete with other similar stablecoins and traditional gold investment options, such as gold ETFs, which have also seen substantial gains year-to-date. Gold remains a sought-after safe-haven asset as economic conditions fluctuate.

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