Tether’s crosschain US-dollar stablecoin, USDT0, has been deployed to Optimism’s Superchain, growing entry to the world’s most generally used secure asset throughout Ethereum’s layer-2 ecosystem.
On March 27, Optimism introduced that the dollar-pegged USDT0 is now reside on the OP mainnet. The crosschain stablecoin’s first deployment was on Ink, Kraken’s DeFi-focused layer-2.
USDT0 is basically a bridged model of Tether’s USDt (USDT) designed to increase the stablecoin’s adoption throughout varied blockchains.
Tether launched USDT0 in January in collaboration with the interoperability protocol LayerZero. One month later, Tether selected Arbitrum as the primary infrastructure supplier for USDT0.
Superchain is a community of layer-2 chains designed to scale Ethereum by Optimism’s OP Stack. The collective presently accounts for 52% of Ethereum layer-2 transactions, in keeping with information tracked by Superchain.
Since September, Superchain’s L2 dominance has grown from 36.6% of all transactions to 51.9%. Supply: Superchain Well being Dashboard
In February, Optimism’s chief development officer, Ryan Wyatt, instructed Cointelegraph that Superchain will seemingly account for 80% of Ethereum L2 transactions this yr. On the time, Superchain secured greater than $4 billion in whole worth — a determine that has since grown to $4.2 billion.
Associated: Celo, Chainlink, Hyperlane launch crosschain UDT on OP Superchain
Stablecoin adoption heats up
Superchain stated that deploying USDT0 is predicted to draw “extra top-tier belongings, functions and companions” to the collective, which highlights the function stablecoins play in fueling DeFi adoption.
The whole worth of all stablecoins in circulation has reached almost $228 billion, having elevated 3.3% over the previous 30 days. In line with RWA.xyz, there are greater than 155 million stablecoin holders worldwide.
Ethereum accounts for 58% of the overall stablecoin provide.
When it comes to market cap, Ethereum is by far the biggest community for stablecoins. Tether’s USDt is essentially the most broadly used secure asset. Supply: RWA.xyz
Tether has lengthy had a first-mover benefit within the stablecoin market. The corporate has emerged as one of many world’s largest holders of US Treasury belongings, which has helped gasoline its record-breaking earnings in recent times.
With President Donald Trump within the White Home, dollar-pegged stablecoins have become a major policy driver in the USA.
The pinnacle of Trump’s council on digital belongings, Bo Hines, just lately instructed a convention in New York that complete stablecoin laws may arrive on the president’s desk within two months.
Associated: Tether’s US Treasury holdings surpass Canada, Taiwan, ranks 7th globally