“The Kraken-launched Ink network became the first L2 solution for Ethereum to deploy the USDT0 crosschain stablecoin. This is stated in the blog of the crypto exchange. Ink is built on the basis of Optimism technologies and is compatible with all networks on the OP Stack. Competitors Kraken have launched their own OP-based L2s for DeFi applications. Among them are Base from Coinbase and Unichain from Uniswap. The “stable coin” issuer plans to turn USDT0 into a “pooled liquidity tier” for […]”, — write: businessua.com.ua
The Kraken-launched Ink network became the first L2 solution for Ethereum to deploy the USDT0 crosschain stablecoin. This is stated in the blog of the crypto exchange.
Ink is built on a base of Optimism technologies and is compatible with all networks on the OP Stack.
Competitors Kraken have launched their own OP-based L2s for DeFi applications. Among them are Base from Coinbase and Unichain from Uniswap.
The “stablecoin” issuer plans to turn USDT0 into a “pooled liquidity tier” for L2 to facilitate token transfers across the crypto ecosystem.
The stablecoin will use the Omnichain Fungible Token standard from LayerZero, designed for issuing and burning the asset in different chains.
USDT0 enables seamless and secure cross-chain transfers without the need for independent deployments, pools or intermediate solutions. Such a structure increases capital efficiency and simplifies the movement of assets between networks.
In an interview with The Block, Ink head Andrew Koller explained that USDT0 will bring liquidity to dapps like Velodrome and improve the user experience when using Ink and other L2s.
We will remind you that in November, Kraken and Tether financed the launch of stablecoins regulated in the EU.
In November, Tether decided to stop supporting the euro-based “stablecoin” EURT.
By November 2024, MiCA-compatible stablecoins such as EURC, Societe Generale’s EURCV and Banking Circle’s EURI had a record 91% market share.
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