Flare Network’s total value locked (TVL) has witnessed an impressive 160% jump in the past fortnight, escalating from $45 million to a whopping $120 million since April 28. This significant increase appears to be an outcome of the debut of USDT0, a blockchain-based omnichain version of the USDT stablecoin.
The swift expansion can largely be credited to Flare’s USDT0 Boost program, which proffers an enticing up to 30% APY in rFLR tokens for liquidity providers on decentralized exchanges such as SparkDEX and Kinetic.
As an EVM-compatible Layer 1 blockchain, Flare Network aims to enhance interoperability and data accessibility across multiple chains. It has successfully managed to raise a total of $46.3 million via multiple funding rounds, which includes $11 million in 2021 and $35 million in a Series A round in 2024.
The introduction of USDT0 on Flare addresses a crucial gap since major stablecoin issuers like Tether and Circle do not issue natively on the network. The stablecoin has already started making waves on the platform, with a supply of nearly $65 million and 6,300 users, including $35 million minted on April 29 alone, according to Flare’s dashboard.
USDT0, crafted on LayerZero’s Omnichain Fungible Token (OFT) technology and backed 1:1 by Tether’s USDT reserves, enables transfers across key blockchains — such as Ethereum, Arbitrum, Optimism, Sei, and Flare — without the need for traditional bridges or wrapped tokens. It leverages LayerZero’s OFT standard.
Worth noting is that USDT0, while fully backed by USDT — the market leader in stablecoins — is not directly managed by Tether. The reins of USDT0 are held by Everdawn Labs.
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