As part of its strategy to expand access to digital gold, Tether, one of the world’s largest stablecoin issuers, has partnered with the TON Foundation to launch XAUt0, an omnichain version of its gold-backed stablecoin XAUt. Tether and TON Foundation Launch XAUt0 The new token is built using LayerZero’s Omnichain Fungible Token (OFT) standard, which allows XAUt0 to be transferred to other networks without the need for rewrapping or third-party bridge protocols. This technical development is similar to the move Tether made earlier with its multi-blockchain-backed dollar stablecoin USDT0. XAUt0’s first launch network was The Open Network (TON). Launched by Telegram but later becoming independent, TON has become a rapidly growing blockchain ecosystem, especially with the messaging app’s large user base. Tether’s move aims to both expand DeFi applications on the TON network and popularize peer-to-peer (P2P) payments among Telegram users. The XAUt0 launch on TON comes after Tether launched USDt on TON last April, significantly expanding the blockchain’s stablecoin infrastructure. The move coincides with the rapid rise in digital interest in gold amid growing economic uncertainty. XAUt0 stands out as a cross-chain version of the original XAUt token, which currently exists only on Ethereum and has a market cap of over $832 million. Its closest competitor, Paxos-backed PAXG, has around $811 million in circulation. Each XAUt token is backed by one troy ounce of physical gold, which is kept in a vault in Switzerland. Tether announced in its Q1 2025 attestation report that it has 7.7 tons of gold reserves. At a time when gold prices are reaching record levels amid geopolitical tensions and the search for safe havens, Tether’s XAUt0 push aims to strengthen its position against both traditional gold ETFs and rival on-chain projects. Tether has not yet made a clear statement on which blockchains other than TON will support XAUt0, but there is potential for widespread integration thanks to the LayerZero infrastructure. *This is not investment advice.