Celo, Chainlink, Hyperlane, and Velodrome have launched a crosschain version of Tether on OP Superchain to enhance interoperability and liquidity of the most popular stablecoin.
Launch of Super USDT on OP Superchain
On February 18, it was announced that the new Super USDT stablecoin will be fully backed by equivalent USDT reserves locked on Celo. The stablecoin achieves its crosschain functionality through Chainlink's Cross-Chain Interoperability Protocol and Hyperlane.
Benefits of Crosschain Version
The launch of Super USDT will provide access to USDT on Superchain without the need to deploy a bridged version of the token. Currently, the fragmentation of the stablecoin's liquidity contradicts the vision of a unified, interoperable network pursued by Optimism. According to Rene Reinsberg, co-founder of Celo, Super USDT addresses current liquidity fragmentation issues and is designed to grow with the collective.
Rise of Stablecoin Interoperability
Tether aims for broad interoperability through integrations with networks like The Open Network and Arbitrum. This will increase the adoption of USDt and its scalability. Steven Goldfeder, CEO of Arbitrum, noted that crosschain interoperability promotes broader USDt adoption, enhancing its capabilities across networks.
The launch of Super USDT aims to solve liquidity fragmentation issues and improve the integration of USDt stablecoin across different blockchain networks, marked by the efforts of Celo, Chainlink, Hyperlane, and Velodrome.
