tl;dr
Tether has introduced the Legacy Mesh, a system connecting USDT and existing USDT deployments across multiple blockchain networks including TRON, Ton, Ethereum, Arbitrum, Ink, and Berachain. This aims to create a unified framework for stablecoin interoperability. The Legacy Mesh, with Arbitrum as th...
Tether has introduced the Legacy Mesh, a system connecting USDT and existing USDT deployments across multiple blockchain networks, including TRON, Ton, Ethereum, Arbitrum, Ink, and Berachain. The Legacy Mesh aims to create a unified framework for stablecoin interoperability. With Arbitrum as the hub chain, this system enables seamless movement of liquidity without the need for intermediary bridges, enhancing DeFi protocol depth and positioning Arbitrum as a liquidity hub for stablecoin transfers. The Legacy Mesh is live, and multihop transfers to USDT0 networks outside Arbitrum are planned.
Tether and LayerZero announced USDT0, a multichain version of USDT powered by the Omnichain Fungible Token (OFT) standard. This standard allows cross-chain liquidity without intermediary bridges or wrapped assets using a decentralized network of oracles and relayers. The Legacy Mesh utilizes Ethereum, TRON, and TON liquidity pools, enabling cost-effective and secure transfers via LayerZero messaging. It connects USDT deployments to the largest USDT0 deployment on Arbitrum, bringing together 98% of all USDT within a unified system. Multihop transfers from Legacy Mesh chains to USDT0 networks outside Arbitrum, including Ink and Berachain, are planned.
The Legacy Mesh addresses the need for a seamless multichain alternative for USDT to remain the stablecoin market leader, ensuring efficient and permissionless liquidity movement across different blockchain ecosystems. Paolo Ardoino, CEO of Tether, emphasized the significance of the Legacy Mesh in unifying on-chain dollar systems and simplifying liquidity movement from various chains into ecosystems like TON and the USDT0 networks.