Tether Backs Dreamcash to Launch USDT0-Collateralized Equity & Commodity Perpetuals
Tether has invested in Supreme Liquid Labs, the operator behind Dreamcash, to accelerate DeFi adoption and expand on-chain derivatives using USDT0 as collateral. Dreamcash — in partnership with Selini Capital and using LayerZero for cross-chain interoperability — launched ten USDT0-collateralized perpetual markets on Hyperliquid, including USA500/USDT, TSLA/USDT, NVDA/USDT, AMZN/USDT, GOLD/USDT and SILVER/USDT. The markets target retail traders migrating from centralized exchanges by enabling on-chain equity and commodity perpetual trading without converting stablecoin holdings. Dreamcash says its USDT0 rails processed billions in volume across multiple chains since early 2025 and touts institutional-grade liquidity, tight spreads and reliable fills via Hyperliquid. To boost adoption and liquidity, Dreamcash will run a weekly $200,000 USDT incentive program rewarding traders by share of total USDT trading volume; full eligibility and duration details will follow. Tether’s backing signals a push to deepen on-chain liquidity for retail equity products and simplify DeFi onboarding, which could increase trading volume and activity in USDT-denominated perpetuals.
Bullish
The news is bullish for USDT-denominated on-chain trading products. Tether’s strategic investment and the launch of USDT0-collateralized perpetuals on Hyperliquid lower friction for retail traders to move capital on-chain without converting stablecoins, which should increase demand for USDT rails and activity in related perpetual markets. The addition of major equity and commodity pairs (TSLA, NVDA, USA500, GOLD, SILVER) widens product appeal and can attract volume from centralized exchanges. The $200k weekly incentive program further supports short-term volume and tighter spreads. In the short term, incentives and marketing may drive a surge in trading volume, improved liquidity and narrower spreads — positive for execution and fee generation. In the medium-to-long term, if liquidity holds and cross-chain USDT0 adoption grows, these markets could become a persistent venue for on-chain derivatives trading, supporting sustained demand for USDT rails and associated infrastructure. Risks that could temper impact include low sustained adoption after incentives end, smart-contract or bridge vulnerabilities, or regulatory actions affecting stablecoins; but based solely on the product and backing, the immediate and near-term price-impact signal is bullish for USDT-based trading activity.