USDT0 Stablecoin Tops $100 B Volume as Crypto Stablecoins Hold Record US Treasury Assets

The omnichain version of Tether’s USDT, known as USDT0, surpassed $100 billion in cumulative cross‑chain transfer volume within 525 days of its launch in January 2025. Built on LayerZero’s Omnichain Fungible Token (OFT) standard, USDT0 operates on more than 20 blockchains, locking the original USDT on Ethereum and minting counterparts on destinations such as Arbitrum, Solana and Hedera. With a circulating supply of about 4.1 billion tokens and a market cap near $4 billion, USDT0 has become the third‑largest holder of USDT after Binance and OKX.

Stablecoin issuers now hold roughly $165 billion in U.S. Treasury bills, exceeding the holdings of China, Norway and Switzerland and ranking just behind Japan among foreign investors. This represents about 2.5 % of the total $6.1 trillion T‑bill market, underscoring the growing integration of crypto assets with traditional sovereign debt markets. The expanding use of stablecoins for DeFi, payments and institutional transactions is further highlighted by crypto exchanges like Hyperliquid generating $610 million in annualized fees from 24/7 trading of real‑world assets such as gold, oil and stocks.