Stablecoin powerhouse Tether has announced a strategic investment in Supreme Liquid Labs, the developer of the Hyperliquid-based mobile frontend, Dreamcash.
The deal marks a pivotal shift for Hyperliquid’s decentralized exchange (DEX) ecosystem, introducing native USDT0 collateral for a new suite of Real-World Asset (RWA) perpetual futures, including Tesla, Nvidia, Gold, and Silver.
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Since its inception, Hyperliquid has operated almost exclusively using Circle’s USDC as its canonical collateral. While this cemented the DEX’s position as a top-tier venue for crypto-native traders, it created a significant barrier for the millions of global users whose primary liquidity remains in Tether’s USDT.
By investing in Dreamcash, Tether is effectively funding a parallel ecosystem on Hyperliquid’s Layer 1. The collaboration utilizes USDT0, an omnichain version of USDT powered by LayerZero’s technology, allowing it to function natively on the Hyperliquid HyperCore infrastructure.
“Until now, there has been no way for the millions of traders holding USDT to access Hyperliquid markets directly,” Dreamcash stated in an announcement on X. “By removing this friction, we are opening the door for a massive wave of retail and institutional liquidity to enter the decentralized derivatives space.“
The launch is more than just a frontend update; it is a technical milestone made possible by Hyperliquid Improvement Proposal 3 (HIP-3). This standard allows third-party “builders” to deploy their own perpetual markets with custom collateral types, provided they meet a security bond requirement — currently set at 500,000 HYPE tokens, valued at $15.73 million.
To ensure these markets remain liquid and competitive with centralized giants like Binance or Robinhood, Tether and Dreamcash have partnered with Seline Capital to act as the primary liquidity capital. The Singapore-based crypto-native market maker and trading firm is tasked with maintaining tight spreads across the initial 10 real-world asset (RWA) markets, which include equities, such as Tesla (TSLA), Nvidia (NVDA), Google (GOOGL), Amazon (AMZN), Meta (META), Microsoft (MSFT), Intel (INTC), and Robinhood (HOOD); the S&P 500 (USA500) indices; and commodities markets such as gold and silver.
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Tether is not just providing the collateral; it is actively rewarding users for switching their Hyperliquid liquidity to USDT0. Accompanying the investment is a massive $200,000 per week incentive program, where the rewards will be distributed to traders providing volume to the “CASH” markets within the Dreamcash app, signaling Tether’s aggressive intent to capture market share from USDC-dominated venues.
The Dreamcash app itself is designed as a “mobile-first, self-custodial” interface, aiming to bridge the gap between the complex world of DeFi and the user-friendly experience of traditional fintech apps.
The deal is the latest in a string of high-conviction moves by Tether to diversify its massive $10 billion | 145,178 BTC annual profit into infrastructure and hard assets. Throughout 2025, Tether poured over $2 billion into Bitcoin mining and renewable energy projects across Uruguay, Paraguay, and El Salvador, aiming to become one of the world’s largest miners.
In 2026, this expansion has accelerated into the commodity and fintech sectors. Recently, Tether announced a $150 million investment in Gold.com, acquiring a significant stake in the NYSE-listed firm specializing in precious metals, numismatic coins, and collectibles, and vertically integrating the Tether Gold (XAUT) stablecoin. Simultaneously, the firm deepened its tech stack with a strategic stake in LayerZero Labs and a $100 million equity play in Anchorage Digital, reinforcing its commitment to regulated infrastructure and “agentic finance” — the emerging economy where AI agents transact autonomously using stablecoins.
By embedding its flagship USDT stablecoin into the “everything exchange” that Hyperliquid aims to become, the company is ensuring that it remains the foundational layer of value in the crypto market, despite a major shift in trading order books from centralized exchanges to high-performance DEXs powered by decentralized blockchains.
For the Hyperliquid ecosystem, the arrival of Tether and USDT0-collateralized RWAs represents a “coming of age” period. The platform is evolving from a niche crypto DEX into a global financial hub where users can hedge tech stocks and gold 24/7, all without leaving their self-custodial wallet.
