Source: Cointelegraph Original: "{title}"
Blockchain infrastructure protocols Celo, Chainlink, Hyperlane, and Velodrome have launched a cross-chain version of Tether USDt (USDT) on the OP Superchain, aimed at enhancing the interoperability and liquidity of the world's most widely used stablecoin.
According to an announcement on February 18, the new Super USDT stablecoin will be fully backed by equivalent USDT reserves locked on the Ethereum scaling solution Celo. Super USDT achieves its cross-chain functionality through Chainlink's Cross-Chain Interoperability Protocol and another open interoperability framework, Hyperlane.
The cross-chain stablecoin is designed to provide fee-free access to USDT on the Superchain, alleviating the burden of deploying dollar-pegged token bridge versions on the blockchain.
Currently, bridged USDT has fragmented the liquidity of the stablecoin on the Superchain, which "does not align with the vision of establishing a unified, interoperable collective with Optimism and benefiting from shared liquidity," Celo co-founder Rene Reinsberg told Cointelegraph, adding:
Johann Eid, Chief Business Officer of Chainlink Labs, stated, "Super USDT makes it possible to use USDT anywhere on any Optimism chain." Eid told Cointelegraph:
The Superchain is a collective of layer two solutions dedicated to scaling Ethereum using Optimism's OP Stack. With the release of this announcement, Super USDT is now available on Base, Fractal, Lisk, Metal, Mode, Optimism, Soneium, Superseded, Unichain, and World Chain.
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Tether's USDt is the largest stablecoin by market capitalization, with a circulation exceeding $140 billion. The company prioritizes interoperability through integration with The Open Network and Arbitrum, the infrastructure provider supporting Tether's cross-chain dollar stablecoin.
Steven Goldfeder, CEO of Offchain Labs, the developer of Arbitrum, stated that cross-chain interoperability will help facilitate "wider adoption of USDt" while enhancing its scalability within the network.
USDt accounts for over 61% of the $231 billion stablecoin market. Source: CoinMarketCap
Despite Tether's dominant position in the market, competition among stablecoins is intensifying. Circle's USD Coin (USDC) is favored by institutions for its strong regulatory compliance, while Sky Protocol's Dai (DAI) is widely used in decentralized finance circles.
The use of stablecoins has become mainstream, with annual transaction volumes expected to reach a record $15.6 trillion by 2024. According to data from ARK Invest, this figure surpasses that of Visa and Mastercard.
By 2024, stablecoin transaction volumes will reach 119% of Visa and 200% of Mastercard. Source: ARK Invest
Magazine: Bitcoin payments are being disrupted by centralized stablecoins.
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