Tether’s been making waves in the stablecoin scene, and now they’ve partnered with Arbitrum to power their new crosschain US dollar stablecoin, USDT0. Because, you know, one stablecoin just isn’t enough 🤣.
According to a Feb. 11 announcement, Arbitrum One will be the main hub linking USDt (USDT) deployments on Ethereum, Tron, TON, and Celo to the newly created USDT0. And, get this, Arbitrum’s Legacy Mesh technology will provide a native solution for transferring USDt between these major chains. Because who needs a simple stablecoin when you can have a fancy-schmancy crosschain one? 🤔
Steven Goldfeder, the CEO of Arbitrum developer Offchain Labs, said the Legacy Mesh technology provides users and developers with “deep, liquid markets regardless of the blockchain” they’re using. In other words, it’s like a stablecoin party with everyone invited 🎉.
Goldfeder said the new solution will promote “broader USDt adoption” while increasing the stablecoin’s scalability across networks. Because, you know, who doesn’t want a stablecoin that can scale like a boss? 🤖
USDt is already the world’s most widely used stablecoin, with a total market capitalization of more than $141 billion, according to CoinMarketCap. Circle’s USD Coin (USDC) is a distant second with $59 billion in total value. Yeah, Tether’s got this stablecoin thing down pat 🙌.
Tether launched USDT0 in collaboration with LayerZero on Jan. 16. The crosschain stablecoin’s first deployment was on Ink, crypto exchange Kraken’s scaling solution. Because, you know, who doesn’t love a good scaling solution? 🤓
Tether declined CryptoMoon’s request for comment. Probably because they were too busy counting their profits 🤑.
Tether’s Surging Profits: Because Who Needs Regulation When You Have Stablecoins? 🤑
Despite regulatory uncertainty over USDt’s status in the European Union and growing competition from other stablecoin issuers, Tether remains hugely profitable, both in absolute terms and on a per-employee basis. Because, you know, who needs rules when you’ve got a good stablecoin? 🤷♂️
As CryptoMoon recently reported, the company posted a record-breaking profit of $13 billion in 2024 thanks to its massive stockpile of US government bonds collecting interest. Yeah, that’s a lot of interest 🤑.
By the end of 2024, Tether’s US Treasury portfolio was worth roughly $113 billion. That’s bigger than all but 17 of the world’s governments, the company said in July. Because, you know, who needs a country when you’ve got a stablecoin? 🤣
The company’s success stems from the huge uptake of stablecoins in the cryptocurrency market and the technology’s potential to transform traditional remittance services. Because, you know, who doesn’t love a good remittance service? 🤗
As Chainalysis reported in December, “cross-border payments and remittances are among the most transformative use cases for stablecoins,” providing cheaper alternatives to established remittance services. Because, you know, who doesn’t love a good deal? 🤑
Chainalysis showed how sending a $200 remittance from Sub-Saharan Africa using a stablecoin is roughly 60% cheaper than traditional fiat-based methods. Yeah, that’s a lot of savings 🤑.
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2025-02-11 17:07