What Triggered Tether’s Investment?
Tether has invested in the parent company behind Dreamcash, a self-custodial mobile interface built for trading on Hyperliquid, following the launch of new USDT0-collateralized real-world asset perpetual markets on the decentralized exchange.
The markets went live as what Dreamcash described as “a collaboration between Selini Capital, Dreamcash, and Tether,” introducing 10 RWA perpetual contracts tied to traditional assets. The rollout includes perps tracking the S&P 500 index, commodities such as gold and silver, and individual equities including Tesla, Nvidia, Google, Amazon, Meta, Robinhood, Intel, and Microsoft.
Dreamcash said Tether made a strategic investment in the project after the deployments. The size of the investment was not disclosed.
Investor Takeaway
Tether is backing infrastructure that expands USDT’s role beyond payments into derivatives collateral, tying stablecoin liquidity directly to tokenized exposure to traditional markets.
How Do USDT0 and HIP-3 Enable These Markets?
The new markets are collateralized by USDT0, an omnichain version of USDT built using LayerZero technology. Unlike Hyperliquid’s standard perpetual futures, which typically use USDC as collateral, these contracts allow traders holding USDT to participate without converting into other stablecoins.
“Until now, there has been no way for the millions of traders holding USDT to access Hyperliquid markets directly,” Dreamcash wrote in a post on X.
The contracts are powered by Hyperliquid’s HIP-3 “Builder-Deployed Perpetuals” standard, launched in October. HIP-3 allows third-party frontends to create new perpetual markets as long as they meet the 500,000 HYPE token staking requirement. It also supports custom collateral types, enabling products such as USDT0-backed RWA perps to be launched without changes to the core exchange framework.
Selini Capital is serving as liquidity provider for the 10 markets.
Why Is Tether Funding Incentives Around Dreamcash?
As part of the investment, Tether will support a $200,000 weekly incentive program tied to Dreamcash’s CASH markets. Traders will be rewarded based on their share of total USDT trading volume on the platform.
“This program demonstrates Tether’s commitment to bringing new users into the Hyperliquid ecosystem by removing friction and rewarding early participants,” Dreamcash said.
The structure aligns incentives across the ecosystem. Dreamcash gains liquidity and trading activity, Hyperliquid expands its RWA footprint, and Tether deepens usage of USDT0 as derivatives collateral rather than limiting it to spot or transfer use cases.
Investor Takeaway
What Does This Mean for Hyperliquid’s Market Structure?
Hyperliquid has been expanding its product base through builder-deployed markets rather than relying solely on centrally curated listings. Under HIP-3, third-party frontends such as Dreamcash can spin up markets if they satisfy staking requirements, creating a modular structure where liquidity providers and interface developers play a larger role in product expansion.
The introduction of RWA perps tied to major indices and equities pushes Hyperliquid further into synthetic exposure to traditional financial markets. By pairing that exposure with USDT0 collateral, the platform links one of crypto’s largest stablecoins directly to tokenized macro and equity derivatives.
With Tether now financially backing the mobile frontend driving these markets, the collaboration blends stablecoin issuance, liquidity provision, and frontend distribution into a single pipeline. Whether trading volumes hold beyond incentive programs will determine how durable this new RWA perp segment becomes.
