Tether partners with rhino.fi to improve cross-chain transactions

Tether and rhino.fi form a strategic partnership to enhance cross-chain transactions and increase user awareness of USDT in the DeFi domain. This affiliation will enhance USDT connectivity across primary Layer 1 blockchain and Layer 2 rollups. Tether, for its part, is the most prominent cryptocurrency exchange, while rhino.fi is the leading DeFi bridge.

Currently, rhino.fi bridge supports simple USDT bridging across various ecosystems, including Ethereum, Arbitrum,  zkSync, Polygon, Optimism, StarkNet, BSC, Manta, opBNB, Linea, zkEVM, Avalanche, and Scroll.

The collaboration will enable users to bridge up to $100,000+ with minimal expense by streamlining fee structures and increasing liquidity. In addition to integrating new Ethereum rollups, rhino.fi intends to extend USDT support to additional networks, including Base, Tron, and Solana, among others, in 2024.

Tether currently supports a wide range of use cases and claims to have 94 billion Tether tokens in circulation. Users who utilize USDT across multiple chains and rollups will experience reduced friction and enhanced liquidity as a result of the association.

Paolo Ardoino, the chief executive officer of Tether, asserts that the strategic partnership with rhino.fi signifies a noteworthy progression towards broadening the accessibility, efficacy, and practicality of USDT throughout diverse blockchain ecosystems.

Will Harborne, CEO of rhino.fi, stated that USDT is widely accepted in real-world use cases. The collaboration will aid in increasing USDT’s visibility in the DeFi market across various chains.

By pooling their resources and knowledge, the two businesses are taking on the challenge of how to make cross-chain transactions easy in the dynamic cryptocurrency market and how to make the DeFi environment better for users. The primary objective of this partnership is to establish a decentralized financial ecosystem that is seamless to use and better integrated.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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