Axelar Wrapped USDT (AXLUSDT)

What is the project about?

axlUSDT is a wrapped, multi-chain representation of USDT, a dollar stablecoin.

For each unit of axlUSDT, there is a unit of USDT locked in an Axelar Gateway on Ethereum.

axlUSDT is secured by a dynamic validator set running delegated Proof-of-Stake, which holds key shares in the Axelar Gateways via multi-party cryptography.

Acquire axlUSDT in three ways:

Swap via liquid pairs on any of the DEXs listed here.

Swap via Squid, a cross-chain liquidity router built on Axelar.

Mint via Satellite, a cross-chain bridge built by Axelar

What makes your project unique?

USDT is issued on Ethereum – but dApps and users in other ecosystems also value the stablecoin's properties. Many of them use axlUSDT, a wrapped version of USDT that can travel between chains, as a multi-chain stablecoin.

In brief, axlUSDT is generated via cross-chain bridges. These dApps accept a deposit of USDT at an Axelar Gateway on Ethereum, and mint an equivalent amount of axlUSDT on the destination chain (minus fees).

Two key points to understand what axlUSDT is and how it can be used:

For every unit of axlUSDT, there is a unit of USDT locked in a Gateway on Ethereum.

Once minted, axlUSDT can flow from chain to chain, without going back through Ethereum.

Gateway addresses on various EVM chains and the token addresses of axlUSDT on various chains are listed in the Axelar docs, here.

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