Tether, which claims to be the largest company in the cryptocurrency industry, and rhino.fi, a DeFi bridge, have announced a strategic collaboration aimed “at enhancing cross-chain transactions and improving the user experience for USDt within the DeFi space.”
This collaboration will aim to “facilitate easier access to USDT across major Layer 1 (L1) blockchains and Layer 2 (L2) rollups.”
Rhino.Fi’s bridge currently supports seamless USDT bridging “across various ecosystems, including Ethereum, Arbitrum, Optimism, zkSync, Polygon, StarkNet, BSC, opBNB, Manta, Linea, zkEVM, Scroll and Avalanche.”
The collaboration will aim to “improve liquidity and streamline fee structures, enabling users to bridge up to $100k+ with minimal costs. Rhino.Fi plans to expand the bridging of USDt support to networks like Tron, Base and Solana while incorporating new Ethereum rollups in 2024.”
Tether, boasting a circulation of 94 billion Tether tokens, says that it “continues to support diverse use cases, for the most widely used stablecoin.”
This collaboration seeks to “enhance liquidity and reduce friction for users utilizing USDT across various chains and rollups.”
Paolo Ardoino, CEO of Tether, said:
“We’re excited about this strategic collaboration with rhino.fi as it represents a significant step in expanding the accessibility, efficiency and utility of USDT across various blockchain ecosystems.”
Will Harborne, CEO of rhino.fi, added:
“USDT is the stablecoin with widest adoption for real-world use cases. This long-term collaboration will further extend the presence of USDT in the DeFi space across multiple chains.”
Both companies, leveraging their resources and expertise, are “addressing the challenge of establishing seamless cross-chain transactions in the evolving crypto landscape and improving the user experience for anyone operating in the DeFi space.”
This collaboration aims to “pave the way for a more interconnected and user-friendly decentralized financial ecosystem.”
As covered, OKX Ventures, the investment arm of OKX, released a detailed report on the current state and future prospects of the stablecoin market.
The report provides an in-depth analysis of the stablecoin sector’s growth patterns, innovations, and future directions.
Key highlights from the report include:
Market dominance: As of December 2023, USDT reportedly “holds 70% share of the total stablecoin market capitalization, while USDC secures around 20%.”
According to the OKX report, this dominance reflects “their robustness and investors’ trust in these stablecoins amid the market’s volatility.”
Resilience and profitability: Despite the cryptocurrency market’s downturn, USDT and USDC have shown “exceptional resilience.”