Tether Chooses Ethereum L2 Arbitrum for Cross-Chain USDT Infrastructure

Decrypt 10 months ago 207

Tether has picked Layer 2 Ethereum protocol Arbitrum to provide the infrastructure for its new cross-chain initiative, Legacy Mesh.

The news follows Tether’s launch of a new token, dubbed USDT0, in mid-January to facilitate smoother cross-chain transfers of USDT ($1.00) outside of blockchains that already support it. The aim was to do it without needing to use techniques like wrapping tokens or blockchain bridges.

USDT0 is pegged one-to-one with Tether’s flagship stablecoin, USDT. It's currently the world’s largest stablecoin with a market cap of $141 billion according to CoinGecko. It runs on LayerZero’s Omnichain Fungible Token (OFT) standard, which has been used by other stablecoins such as PayPal’s USD stablecoin, PYUSD ($1.00).

The Arbitrum blockchain will act as a “hub chain,” connecting the USDT and USDT0 networks. Through it, USDT deployments on Arbitrum, Ethereum, Tron, Ton, Ink, and Berachain will link back to a unified USDT0 network.

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