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USDT0 Launches On OKX Exchange And Its L2 XLayer
USDT0 Launches On OKX Exchange And Its L2 XLayer. Photo By DrawKit Illustrations On Unsplash.
OKX has announced that it will launch Tether’s USDT variant USDT0 on the exchange and across its own L2 XLayer, according to the company’s press release.
The announcement aims to enhance the experience of users on XLayer, solving for the broader liquidity and ‘fragmentation’ issue of cross-chain stablecoin swaps. USDT0 is designed by Tether with interoperability in mind and to be properly backed by USDT across different chains, including Arbitrum, Berachain, Polygon, Optimism and Unichain.
The architecture of XLayer already allows for faster and cheaper transactions, making it an ideal environment for deploying Ethereum-based applications with few adjustments. By integrating USDT0, both OKX and XLayer aim to create a cohesive financial ecosystem that simplifies stablecoin transactions across various DeFi (Decentralized Finance) applications.
Importantly, it also allows for better compliance infrastructure features and actioning, such as freezing of funds to/from illicit addresses, as well as easier user recognition of the underlying USDT stablecoin onchain. This bodes well for the top 5 exchange currently seeing market share growth, with over $3.5B in daily trading volumes and $5B weekly visits.
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