OpenUSDT, an interoperable version of the world’s largest stablecoin, USDT, has adopted Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for cross-chain transfers throughout the OP Superchain ecosystem. Now live across seven chains – Base, Fraxtal, Lisk, Mode, Optimism, Soneium, and Unichain – OpenUSDT is increasing access to USDT’s $141B+ market cap and enabling cross-chain use cases that expand DeFi’s reach.
OpenUSDT solves the problems of liquidity fragmentation and limited interoperability throughout the Superchain ecosystem by leveraging Hyperlane’s open interoperability framework and Chainlink’s battle-tested security to enable permissionless transfers of USDT via Velodrome without vendor lock-in.
As the standard for onchain finance, Chainlink has reliably enabled over $19 trillion in transaction value, even during volatile market conditions and adverse events such as flash loan attacks. Because CCIP achieves the highest level of cross-chain security and features a separate Risk Management Network, it is the prevailing model for cross-chain digital asset and data transfer among top DeFi protocols, DEXs, and traditional financial institutions.
OpenUSDT utilizes Celo, the mobile-first Ethereum layer-2 which joined Chainlink Scale back in 2023, as the hub chain where native USDT is locked to mint OpenUSDT with 1:1 verifiable backing on other chains.
In an official announcement, Celo co-founder Rene Reinsberg emphasized the significance of OpenUSDT in accelerating USDT’s adoption and making Ethereum the leading settlement layer for global payments and DeFi.
“With sub-cent transaction fees, stablecoin gas payments, seamless on- and off-ramps, and as the only Layer-2 with native USDT following Celo’s migration next month, serving as the backbone for OpenUSDT is a way for us to realize this vision,” he said.
“USDT has been the lifeblood of DeFi for many years, and Chainlink is excited to support it further by supporting OpenUSDT interoperability, making it possible to seamlessly bring USDT anywhere on any Optimism chain,” added Johann Eid, Chief Business Officer at Chainlink Labs.
“Chainlink’s full tech stack will be unleashed for the adoption of USDT in the Optimism ecosystem with both Chainlink Data Feeds and Chainlink CCIP being used to make the adoption of USDT seamless for DeFi developers looking to use the largest stablecoin in the space.”