Most USDT0 wallets hold under $1,000; retail drives activity

Data published by the USDT0 team show that 99.2% of USDT0 wallets hold less than $1,000. Roughly 1,200 addresses contain between $100,000 and $1 million, and 35 wallets hold more than $10 million. USDT0 is an omni-chain token backed 1:1 by Tether’s USDT.

Everdawn Labs launched USDT0 in early 2025 with technical support from LayerZero and backing from Tether. The token now supports deployments on 23 blockchains, including the Tempo network. Since launch the protocol has processed about $86.7 billion in lifetime volume and has roughly $4 billion in circulating supply.

The report identifies decentralized finance as the main use case for USDT0. Perpetual DEXs and derivatives trading showed the strongest recent growth, with derivatives volume denominated in USDT0 reaching $80 million in April. The token is also used to move capital between chains as a cross‑network rail.

Large transfers account for a disproportionate share of volume. During a recent seven‑day window, 1.8% of cross‑chain transactions were transfers above $1 million, and those transfers represented 68.8% of total transaction volume. The average bridge transfer in that period was $90,100 and the median was $902. The report also states that about 70% of bridge activity came from returning users.

USDT0’s lifetime volume relative to its supply implies high turnover: with about $4 billion circulating and roughly $86.7 billion in lifetime volume, the protocol’s supply has turned over about 21.7 times. The report described USDT0 as “one of the hardest-working assets in onchain finance.”

Lorenzo Romagnoli, a co‑creator at Everdawn, said the project focuses on reducing friction and unifying liquidity rather than generating revenue. He noted USDT0 is free to use, the team operates with a small staff, and the group often partners with network ecosystem teams to cover operational costs when deploying to new protocols.

The Everdawn team plans to expand native deployments in 2026, work with DeFi projects and network teams, and improve on‑ and off‑ramps to increase usability across chains where USDT0 is deployed.