Tether, the issuer of the world's largest stablecoin USDT, has made a strategic investment in the parent company of Dreamcash, a self-custodial mobile interface for trading on the Hyperliquid decentralized exchange (DEX). This move follows the successful launch of a new suite of real-world asset (RWA) perpetual futures markets collateralized by USDT0, an omnichain version of USDT built using LayerZero technology.
The collaboration, described as "a collaboration between Selini Capital, Dreamcash, and Tether," introduced 10 RWA perpetual contracts. These contracts track traditional assets, including the S&P 500 index, commodities like gold and silver, and individual equities such as Tesla, Nvidia, Google, Amazon, Meta, Robinhood, Intel, and Microsoft. The size of Tether's investment was not disclosed.
A key innovation is the use of USDT0 as direct collateral. Hyperliquid's standard perpetual futures typically use USDC, but these new markets allow the millions of traders holding USDT to access Hyperliquid's derivatives without converting their stablecoins. "Until now, there has been no way for the millions of traders holding USDT to access Hyperliquid markets directly," Dreamcash noted.
The markets are enabled by Hyperliquid's HIP-3 "Builder-Deployed Perpetuals" standard, launched in October 2025. HIP-3 allows third-party frontends like Dreamcash to create new perpetual markets if they stake 500,000 HYPE tokens as a security bond. It also supports custom collateral types, which facilitated the launch of these USDT0-backed products without altering Hyperliquid's core framework. Selini Capital is serving as the liquidity provider for all 10 markets.
As part of the investment, Tether will fund a $200,000 weekly incentive program tied to Dreamcash's CASH markets. Traders will be rewarded based on their share of the total USDT trading volume on the platform. "This program demonstrates Tether's commitment to bringing new users into the Hyperliquid ecosystem by removing friction and rewarding early participants," Dreamcash stated.
The strategic alignment is clear: Dreamcash gains liquidity and activity, Hyperliquid expands its RWA and derivatives footprint, and Tether deepens the utility of USDT0 beyond simple transfers, positioning it as a core collateral asset for synthetic exposure to traditional financial markets.
