In a dazzling display of blockchain bravado, the illustrious protocols—Celo, Chainlink, Hyperlane, and the ever-so-charming Velodrome—have unfurled a crosschain version of Tether’s USDt (USDT) upon the grand stage of the OP Superchain. This audacious maneuver aims to enhance the interoperability and liquidity of the world’s most beloved stablecoin, a veritable darling of the digital currency realm.
As the clock struck on February 18, a proclamation echoed through the ether: behold the Super USDT stablecoin, a creation fully backed by equivalent USDT reserves, snugly locked on Celo, that Ethereum scaling wonder. The Super USDT, with its crosschain wizardry, dances through the realms thanks to Chainlink’s Cross-Chain Interoperability Protocol and Hyperlane, another open interoperability framework that sounds like a futuristic highway for digital dollars.
Imagine, if you will, a crosschain stablecoin that offers essentially free access to USDT on Superchain, liberating blockchains from the shackles of deploying a bridged version of the dollar-pegged token. A true gift to the crypto community, or perhaps a clever ruse? 🤔
Yet, the current state of bridged USDT is akin to a fragmented jigsaw puzzle, scattering the stablecoin’s liquidity across the Superchain. This, as Celo co-founder Rene Reinsberg lamented to CryptoMoon, is “at odds with Optimism’s vision for a unified, interoperable collective that benefits from shared liquidity.” He added, with a hint of sarcasm:
“These bridged assets are also not compatible with the forthcoming native Superchain interop standards or upgradable to native USDT, limiting future adoption of the stablecoin. While Super USDT is solving the current liquidity fragmentation issues, it’s also designed to grow with the collective.”
Super USDT, the magical elixir, allows one to “bring USDT anywhere on any Optimism chain,” proclaimed Johann Eid, the chief business officer at Chainlink Labs. He further enlightened CryptoMoon with:
“Chainlink Data Feeds have been used over the past half-decade to enable secure lending markets for USDT, including currently securing $3.7 billion in USDT deposits and $2.2 billion in borrows in Aave v3’s Core Ethereum deployment alone.”
Ah, Superchain—a collective of layer-2 solutions, gallantly working to scale Ethereum using Optimism’s OP Stack. With this announcement, Super USDT is now available on Base, Fractal, Lisk, Metal, Mode, Optimism, Soneium, Superseded, Unichain, and World Chain. Quite the party, isn’t it?
Crosschain capabilities on the rise
Tether’s USDt reigns supreme as the world’s largest stablecoin by market capitalization, boasting over $140 billion in circulation. The company, in its infinite wisdom, has prioritized interoperability through integrations with The Open Network and Arbitrum, the infrastructure provider powering Tether’s crosschain US dollar stablecoin. A noble quest indeed!
Crosschain interoperability, they say, will promote “broader USDt adoption” while enhancing scalability across networks, as Steven Goldfeder, CEO of Arbitrum developer Offchain Labs, so eloquently stated.
Despite Tether’s dominant market position, the stablecoin competition is heating up like a summer’s day in the Sahara. Circle’s USD Coin (USDC) is the darling of institutions, praised for its strong regulatory compliance, while Sky Protocol’s Dai (DAI) is the go-to for the decentralized finance aficionados.
Stablecoin usage has already gone mainstream, with annualized transaction values soaring to a record $15.6 trillion in 2024. According to ARK Invest, that’s higher than Visa and Mastercard combined! Who knew digital dollars could be so popular? 💸
In conclusion, the blockchain infrastructure protocols Celo, Chainlink, Hyperlane, and Velodrome have indeed launched a crosschain version of Tether’s USDt (USDT) on the OP Superchain, a move that promises to enhance the interoperability and liquidity of the world’s most widely
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2025-02-24 17:38