Tether has recently expanded its offerings with the launch of USDT0, a crosschain US-dollar stablecoin designed to enhance accessibility to its widely-used USD-pegged asset across Ethereum’s layer-2 ecosystem. This deployment on the Optimism Superchain marks a significant step forward in the evolution of stablecoins in decentralized finance (DeFi).
On March 27, Optimism announced that USDT0 is now live on the OP mainnet, following its initial deployment on Ink, Kraken’s DeFi-focused layer-2. This innovation is essentially a bridged version of Tether’s USDt designed for broader adoption across various blockchains.
USDT0 was first launched in January, developed in collaboration with the interoperability protocol LayerZero. A month later, Tether identified Arbitrum as the primary infrastructure provider for USDT0, solidifying its commitment to enhancing interoperability in the crypto landscape.
Optimism’s Superchain is a network of layer-2 chains designed to scale Ethereum through the OP Stack. Current statistics indicate that Superchain accounts for approximately 52% of all Ethereum layer-2 transactions, a significant leap from 36.6% just six months prior.
Since September, Superchain’s L2 dominance has grown from 36.6% of all transactions to 51.9%. Source: Superchain Health Dashboard.
In a recent statement, Ryan Wyatt, Optimism’s Chief Growth Officer, projected that the Superchain could account for 80% of Ethereum’s layer-2 transactions within this year. Recent evaluations revealed that the total value secured in Superchain has grown to $4.2 billion.
Stablecoin Adoption Heats Up
The integration of USDT0 is poised to attract more top-tier assets, applications, and partners to the Superchain, underscoring the vital role of stablecoins in the DeFi ecosystem. Currently, the total value of stablecoins in circulation has surged to nearly $228 billion, reflecting a 3.3% increase over the past 30 days. Reports indicate that there are over 155 million stablecoin holders worldwide, with Ethereum comprising 58% of the total stablecoin supply.
In terms of market cap, Ethereum is by far the largest network for stablecoins. Tether’s USDt is the most widely used stable asset. Source: RWA.xyz
Tether has established a dominant position in the stablecoin market, recently emerging as one of the world’s largest holders of US Treasury assets, bolstering its record-breaking profits. With potential regulatory developments on the horizon, including comprehensive stablecoin regulations anticipated during the Trump administration, the landscape for stablecoins may experience significant changes.
In summary, Tether’s USDT0 launch on Optimism’s Superchain is a milestone that signifies the increasing significance and adoption of stablecoins in the DeFi ecosystem, showcasing their central role in driving innovation and facilitating crosschain transactions.
