EIP-7281 is an open crosschain token standard that adds a minimal extension to ERC-20 to fix problems with token sovereignty, fungibility, and security that bridged tokens face today. xERC20 introduces a burn/mint interface, a whitelist that allows token issuers to whitelist the bridges they would like to work with, and a rate limit for each whitelisted bridge.
The result are tokens that can be transferred between chains with zero slippage, do not require the token issuer to bootstrap liquidity for bridging, have only one version of the token on each chain, and have far better security controls than traditional bridged tokens. Because xERC20 is an open token standard, you're not locked into working with a single vendor or bridge, unlike proprietary token standards available today.