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Tether and Rhino.Fi Forge Strategic Alliance to Enhance USDt Utility Within DeFi Prioritizing User Experience

16th January 2024Tether, the largest company in the cryptocurrency industry, and rhino.fi, a leading DeFi bridge, have announced a strategic collaboration aimed at enhancing cross-chain transactions and improving the user experience for USDt within the DeFi space. This collaboration will facilitate easier access to USDT across major Layer 1 (L1) blockchains and Layer 2 (L2) rollups.

Rhino.Fi's bridge currently supports seamless USDT bridging across various ecosystems, including Ethereum, Arbitrum, Optimism, zkSync, Polygon, StarkNet, BSC, opBNB, Manta, Linea, zkEVM, Scroll and Avalanche.

The collaboration will improve liquidity and streamline fee structures, enabling users to bridge up to $100k+ with minimal costs. Rhino.Fi plans to expand the bridging of USDt support to networks like Tron, Base and Solana while incorporating new Ethereum rollups in 2024.

Tether, boasting a circulation of 94 billion Tether tokens, continues to support diverse use cases, for the most widely used stablecoin. This collaboration seeks to enhance liquidity and reduce friction for users utilizing USDT across various chains and rollups.

"We're excited about this strategic collaboration with rhino.fi as it represents a significant step in expanding the accessibility, efficiency and utility of USDT across various blockchain ecosystems, " said Paolo Ardoino, CEO of Tether. 

Will Harborne, CEO of rhino.fi, added, “USDT is the stablecoin with widest adoption for real-world use cases. This long-term collaboration will further extend the presence of USDT in the DeFi space across multiple chains.”

Both companies, leveraging their resources and expertise, are addressing the challenge of establishing seamless cross-chain transactions in the evolving crypto landscape and improving the user experience for anyone operating in the DeFi space. This collaboration aims to pave the way for a more interconnected and user-friendly decentralized financial ecosystem.

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