USDT has rocketed from zero to a staggering 7.8% of all HIP-3 trading volume on Hyperliquid in just under three months, driven by Dreamcash's innovative CASH markets. Paolo Ardoino, Tether's CEO, highlighted this rapid adoption in a recent tweet, noting how Dreamcash deployed the first USDT-collateralized perpetual markets on January 20. This move positioned CASH as the sole HIP-3 DEX relying on USDT, funneling over $13 billion in volume through its ecosystem.

Tether's Strategic Push Accelerates Growth

In February, Tether injected capital into Supreme Liquid Labs, Dreamcash's parent company, and launched a $200,000 weekly incentive program for CASH traders. That backing transformed the landscape. Flowscan data shows USDC still dominates with $136.83 billion (86.6%), but USDT's $13.03 billion slice outpaces rivals like USDH at $6.15 billion (3.7%) and USDe at $3.23 billion (1.9%).

Ardoino's announcement underscores Tether's expanding role in decentralized finance, building on last year's integrations across platforms like Solana and Ethereum. Dreamcash and Tether's collaboration signals more innovations ahead, as USDT challenges USDC's stronghold in perpetual trading volumes. This surge echoes the stablecoin battles of mid-2025, when incentive programs similarly boosted adoption in emerging DEXs.