Overview
- Launched in January 2025 using LayerZero’s Omnichain Fungible Token standard, the asset extends Tether exposure to chains where native USDT is not issued.
- The network has processed more than 415,000 transactions across ecosystems including Ethereum, Arbitrum, Ink, Sei, Corn, Rootstock, Conflux, Plasma, HyperLiquid and Solana.
- Tokens are minted on each destination chain and maintained at a 1:1 backing with Tether to preserve the dollar peg, according to Everdawn Labs.
- Everdawn reports $12.5 billion in transfers over the past 30 days, underscoring recent usage growth.
- The project is positioned for payments, remittances and institutional settlement as other firms such as Paxos and LayerZero advance competing omnichain stablecoin efforts.