Tether-pegged USDT0 stablecoin crosses $100 billion transaction volume milestone

Omnichain Tether (USDT) solution USDT0 has crossed the $100 billion transaction volume milestone on Wednesday, according to the team's blockchain data portal. 

Lorenzo Romagnoli, co-founder of the project, told The Block he believes USDT0 is the fastest-growing stablecoin to date, having crossed this volume milestone in under 530 days since launching in January 2025. 

USDT0 is a stablecoin backed 1:1 by USDT, the largest stablecoin by market capitalization. The asset was designed for easy deployment on a variety of blockchain frameworks and is currently live via native integrations on 23 chains, according to its documentation, and is accessible on six other legacy deployments via its Legacy Mesh. 

The documentation notes that USDT0 support for Bitcoin scaling layer Corn is winding down on Thursday, as the Corn team shifts focus to a card product. Holders are directed to withdraw funds from Corn via Plasma. "You have until June 25, 2026, to do this at no cost," the documentation said. "After that window closes, a 10% reclaim fee applies and processing may take additional time — so the sooner the better."

"$100 billion is evidence that the next financial system is not arriving on one chain, app, or closed network," Romagnoli said. "It is arriving through exchanges, payment companies, treasuries, fintechs, institutions, and now AI systems, all building onchain for different reasons and in different places."

There is about $4.1 billion USDT0 in circulation, according to The Block's data. USDT0's largest deployments include Ethereum scaling layer Arbitrum, Polygon and the Tether-backed Plasma blockchain. The Ethereum base layer represents its most active deployment by inbound and outbound bridge volume. 

Everdawn Labs, the makers of USDT0, has also released an omnichain version of Tether’s gold-pegged stablecoin XAUt0. 

Tethered

The startup maintains a close relationship with Tether and Tether CEO Paolo Ardoino, as well as LayerZero Labs, which supports its underlying cross-chain technology called the Omnichain Fungible Token standard. 

"Tether built the most widely used digital dollar in the world by serving the people and places traditional finance ignored," Ardoino said in a statement. "The next chapter requires that dollar to reach everywhere demand is forming, across every network, without fragmenting into wrapped versions that erode trust."

Everdawn has not raised venture funding. It lists a British Virgin Islands address on its relatively barebones corporate website, while USDT0’s terms of service document points to the British Virgin Islands Arbitration Act 2013.

Romagnoli said Everdawn has been profitable since its first quarter, though declined to offer specific "commercial figures."

"What we can say is that profitability has allowed us to operate USDT0 with a long-term security mindset rather than a short-term growth-at-all-costs model," he said. "The goal of the business is not to extract as much as possible from the network. The goal is to make Tether’s dollar and gold work across every network where demand forms, safely and sustainably."

Tether itself is among the most profitable crypto companies in operation, having recorded over $1 billion alone in first-quarter profits this year. 

USDT0 is the third-largest holder of Tether, after Binance and OKX. "Tether assets already had global demand. Our job was to build the infrastructure that lets that demand move more freely," Romagnoli said. 

According to a recent report, USDT0 is largely held in small amounts. As of April, 99.2% of all wallets holding USDT0 held balances of less than $1,000 worth of the stablecoin. About 1,200 have wallets held between $100,000 and $1 million, and just 35 wallets exceed $10 million. USDT0's portal notes that the average transaction size across the token's lifetime is over $110,000.

Both Ardoino and Romagnoli noted that stablecoins will have increasing application in the emergent AI-powered agentic economy. In the announcement, USDT0 co-founder Kevin Mueller noted the "high ownership team that is encouraged to safely extend their capabilities with AI."

"Institutions and autonomous agents now need a trusted dollar that behaves the same on every network they touch, settling in seconds at any hour," Ardoino, an avid supporter of decentralized AI solutions, said.