Retail Users Drive the Bulk of USDT0 Transaction Volume

USDT0, the omnichain stablecoin backed 1:1 by USDT, has emerged as a predominantly retail-driven instrument. According to an Everdawn Labs report prepared for The Block, 99.2% of holders carry balances below $1,000 on their wallets.

Who Uses USDT0

The distribution of balances reveals clear retail dominance. Only 1,200 users hold between $100,000 and $1 million, while a mere 35 addresses carry balances exceeding $10 million. Developers interpret this audience structure as evidence of genuine demand from everyday users rather than institutional players alone.

USDT0 launched in early 2025 with backing from LayerZero and Tether. The protocol currently operates across 23 blockchains, including Stripe's Tempo network. Cumulative lifetime trading volume has reached $86.7 billion. In terms of USDT held, the protocol ranks third — behind only the exchanges Binance and OKX.

Why This Matters

An omnichain stablecoin that is actively used by retail participants challenges assumptions about who cross-chain infrastructure actually serves. Traditionally, major bridges and interoperability protocols have been associated with institutional capital and large-scale transfers. USDT0's data points to growing demand from ordinary users for seamless movement of stable assets across ecosystems.

With a supply of $4 billion, the token has changed hands nearly 22 times — a turnover rate that is unusually high for a stablecoin with what might be expected to be an institutional user base.

Use Cases and Transfer Statistics

The primary application for USDT0 is in the DeFi sector. In April alone, derivatives trading volume involving the token reached $80 million. Beyond trading, users actively move capital between networks via cross-chain bridges.

Transfer data reinforces the retail thesis:

• Median transfer amount — $902
• Average transfer amount — approximately $90,000
• Transactions over $1 million account for just 1.8% of total count but generate 68.8% of aggregate volume

The gap between the median and average values clearly illustrates that the vast majority of transactions are small, while a handful of large transfers account for the lion's share of dollar volume.

Roadmap for 2026

Project co-founder Lorenzo Romagnoli stated that in 2026 the team will focus on integrating with new ecosystems and simplifying on-ramp and off-ramp mechanisms. The project does not claim any revenue from Tether's reserves — according to Romagnoli, USDT0's core mission is to unify liquidity and eliminate market barriers. The team covers operational costs through partnerships with blockchains.

For context, on April 30, Tether's investment arm proposed merging three companies to create a leading public entity in the Bitcoin industry.