Tether Invests in Dreamcash Operator as USDT0 Perpetual Markets Launch on Hyperliquid

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Tether has made a strategic investment in Supreme Liquid Labs, the operator of the Dreamcash mobile trading platform built for Hyperliquid. The investment follows the launch of new HIP-3 perpetual markets on Hyperliquid that use USDT0 as collateral.

Details of the Investment and Partnership

According to Dreamcash and partner communications, the funding is part of a collaboration between Tether, Dreamcash, and market maker Selini Capital to expand real-world asset (RWA) derivatives on Hyperliquid. The size of the investment has not been publicly disclosed.

Dreamcash provides a mobile interface for accessing Hyperliquid markets, while Selini Capital is responsible for liquidity provision on the newly launched perpetual contracts.

New USDT0-Collateralized Markets

The partners have introduced HIP-3 perpetual markets that reference equity indices, single stocks, and commodities, all margined in USDT or USDT0. According to the project, the initial lineup includes:

• USA500/USDT – S&P 500 index exposure

• TSLA/USDT – Tesla perpetuals

• NVDA/USDT – Nvidia perpetuals

• GOOGL/USDT – Alphabet (Google) perpetuals​

• AMZN/USDT – Amazon perpetuals​

• META/USDT – Meta Platforms perpetuals​

• HOOD/USDT – Robinhood perpetuals​

• INTC/USDT – Intel perpetuals​

• MSFT/USDT – Microsoft perpetuals​

• GOLD/USDT and SILVER/USDT – commodity perpetuals.

These markets are live on Hyperliquid and available through the Dreamcash mobile application.

USDT0 and Cross-Chain Transfers

USDT0 is described by Tether and partners as a unified liquidity network built on LayerZero’s OFT standard that maintains a 1:1 relationship with USDT via a lock-and-mint design. The architecture aligns with Tether’s broader cross-chain strategy, highlighted by developments such as Tether Invests in LayerZero Labs. According to project disclosures, USDT0 has processed more than $50 billion in cumulative transfers across 15 networks since launching in January 2025.

This setup is intended to allow users who hold USDT on centralized platforms to move value into non-custodial wallets and access Hyperliquid markets without changing their unit of account.

Trading Incentives for USDT Markets

To support early usage of the new markets, Dreamcash and its partners plan to run a $200,000 weekly trading incentive program for CASH markets using USDT. According to the announcement, rewards will be distributed based on each trader’s share of total USDT trading volume over the initial program period, with further details on eligibility and duration to be provided later.

Onchain Perpetuals and RWA Exposure

The launch adds to a broader trend of protocols offering onchain perpetual exposure to real-world assets, such as equity indices and commodities, using crypto collateral. These products sit at the intersection of derivatives trading and tokenized RWA markets, an area that has drawn both user interest and regulatory attention in multiple jurisdictions.