The decentralized crypto perps exchange Hyperliquid said in a Telegram post on Tuesday, May 26, that USDT has been enabled as a borrowable asset for portfolio margin on testnet and will be enabled on mainnet in the next network upgrade.
Portfolio margin lets traders use a broader account balance to back trades and borrow against eligible assets.
USDT already trades on Hyperliquid as a spot access through USDT0, an omnichain version of Tether's stablecoin that went live on the platform in 2025. But its trading activity is still small compared to USDC.
Data from Hyperliquid shows USDT has only about $160,500 in daily volume for the HYPE/USDT spot pair.
By comparison, the HYPE/USDC pair has more than $122 million in daily volume. Even USDH, the Native Markets stablecoin that was meant to reduce Hyperliquid's reliance on USDC but is now set to be phased out, is still doing more volume, with over $2 million a day.
- In February, Tether made a strategic investment in Supreme Liquid Labs, the company behind Dreamcash, a mobile trading interface for Hyperliquid, after USDT0-backed perpetual markets for assets such as Tesla, gold and the S&P 500 went live on the exchange. The companies didn't disclose the size of the investment.