Crypto Quill

Tether, the largest company in the cryptocurrency industry, and rhino.fi, a leading 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 facilitate easier access to USDT across major Layer 1 (L1) blockchains and Layer 2 (L2) rollups.

What is USDt and why is it important?

USDt, or Tether, is the most widely used stablecoin in the crypto market, with a circulation of 94 billion tokens. A stablecoin is a type of cryptocurrency that is pegged to a fiat currency, such as the US dollar, to maintain a stable value. USDt is used for various purposes, such as trading, hedging, remittance, payment, and lending.

USDt is supported by multiple blockchain platforms, such as Ethereum, Tron, Base, Solana, and others. However, moving USDt across different chains and rollups can be costly and complex, especially for users who are not familiar with the technical details. This is where rhino.fi comes in.

How does rhino.fi work and what are the benefits?

Rhino.fi is a platform that enables users to bridge USDt and other tokens across various ecosystems, such as Ethereum, Arbitrum, Optimism, zkSync, Polygon, StarkNet, BSC, opBNB, Manta, Linea, zkEVM, Scroll and Avalanche. Rhino.fi’s bridge is designed to be simple, fast, and secure, with minimal fees and high liquidity.

By partnering with Tether, rhino.fi aims to enhance the utility and efficiency of USDt across diverse blockchain ecosystems. Users who utilize USDt across various chains and rollups will experience reduced friction and enhanced liquidity as a result of the collaboration. Additionally, the partnership will increase user awareness and adoption of USDt in the DeFi space, where USDt is the stablecoin with the widest adoption for real-world use cases.

What are the future plans and goals of the partnership?

The strategic collaboration between Tether and rhino.fi represents a significant step in expanding the accessibility, efficiency and utility of USDt across various blockchain ecosystems. 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.