Tether's USDT0 Stablecoin Integrates with Bitcoin

Tether's cross-chain version of its popular USDT stablecoin, known as USDT0, has successfully integrated with Bitcoin Layer 2 Rootstock. This integration enhances interoperability for the widely used U.S. dollar-pegged digital token. "Now live on Rootstock, USDT0 delivers a unified omnichain deployment, fully backed 1:1 by USDT on Ethereum, facilitating liquidity and improving interoperability within the BTCFi ecosystem," stated USDT0's developer and Rootstock. Designed for interblockchain compatibility, USDT0 is not directly governed by Tether but is fully backed by USDT. Everdawn Labs oversees USDT0's management, aiming to minimize the friction and costs associated with using USDT across various blockchains. "Bringing USDT0 to Rootstock allows users to seamlessly transfer stable value into Bitcoin-based applications," said USDT0 co-founder Lorenzo R. to The Block. "Rootstock provides developers with the same flexibility they enjoy on Ethereum, all underpinned by Bitcoin’s proof-of-work. With rising interest in true Bitcoin-native applications, supporting BTCFi at this moment felt crucial." USDT0 has been deployed across several platforms, including Ethereum, Arbitrum, Unichain, and the OP Superchain ecosystem. According to Rootstock’s Chief Growth Officer Ben Sanders, the integration signifies a new era for the Rootstock ecosystem. "It grants our users, developers, and institutions access to one of the most trusted and widely adopted stablecoins globally," he remarked. Rootstock, launched in 2018, aims to merge Ethereum's programmability with Bitcoin's value storage and decentralization. USDT, originally based on Ethereum, remains the most prominent USD-pegged stablecoin in the market, with a supply exceeding $160 billion as of November 2023, according to The Block Data Dashboard. "USDT0 simplifies holding and moving stable value on Rootstock, which we anticipate will increase bridged TVL, transaction volume, and usage of DEXs and lending platforms," added Sanders. Disclaimer: The Block is an independent media organization providing news, research, and data. As of November 2023, Foresight Ventures is a major investor in The Block, which maintains its objectivity in reporting on the crypto sector.