Tether-backed Dreamcash announced June 26 that it will wind down all 15 of its USDT0-collateralized equity perpetual markets on Hyperliquid, with settlement running June 30 through July 2. The closure is a direct consequence of USDC consolidating as the chain's primary settlement layer; Dreamcash said the shift made USDT-collateralized markets structurally uncompetitive.
"With USDC now natively embedded into the platform, the UX hurdle of operating as a USDT deployer is too high to overcome," Dreamcash said in its June 26 announcement. Funding rates will be zeroed during the settlement window; each contract closes at oracle price.
Markets close in three tranches: KWEB, CAR, EWY, INTC, MSFT, SILVER, and WTI settle June 30; GOLD, AMZN, META, and NVDA on July 1; GOOGL, HOOD, TSLA, and USA500 on July 2.
Dreamcash, built by Supreme Liquid Labs, operates as a self-custodial mobile trading interface on Hyperliquid. Tether made a strategic investment in the parent company of undisclosed size and backed a $200,000 weekly trading incentive program to attract USDT holders. Selini Capital served as liquidity provider. The CASH markets ran on Hyperliquid's HIP-3 Builder-Deployed Perpetuals framework, which requires a 500,000 HYPE security bond and supports custom collateral. Dreamcash used USDT0, an omnichain USDT variant that has processed more than $50 billion in cumulative transfers across 15 networks since launching in January 2025.
Dreamcash said its web and mobile trading apps will remain live; resources will shift toward mobile platform expansion.
Tether's bet that seeding USDT-collateralized markets on Hyperliquid would expand USDT usage on the chain did not survive USDC's native integration. The $200,000-per-week incentive program could not offset USDC's UX advantage as the chain's native collateral.