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Yeah nothing to do with the original Omni Layer. This leverages the interoperability protocols the crypto devs have been building:

USDT0 is the omnichain version of Tether, built on LayerZero’s Omnichain Fungible Token (OFT) standard. It allows USDT to move natively across connected networks using LayerZero’s messaging protocol: one token, one liquidity layer, all chains.