USD₮0 Launches on Flare

On April 28, USD₮0—the omnichain version of USDT powered by LayerZero’s OFT standard—went live on Flare, unlocking native, gasless, and bridge-free stablecoin transfers for the network’s growing DeFi ecosystem. Backed 1:1 by USDT on Ethereum, USD₮0 has already seen $59.7M in supply and 3.4K total users on Flare. On April 29 alone, $37M was minted, per Flare’s dashboard. Currently, TVL is split between SparkDEX (50.6%) and Kinetic (49.4%). As Flare builds its XRP DeFi stack and pushes toward mainstream adoption, USD₮0 provides a capital-efficient foundation for stablecoin utility—bridging liquidity across chains.

Aave, Pendle, and Ethereal Unlock Composable Yield

A new integration between Aave, Pendle, and Ethena/Ethereal enables users to pre-deposit USDe into Ethereal’s Season 0 (which surpassed $1B this week, +$120M in the last two days) and receive eUSDe. Then, anyone buying eUSDe Principal Tokens (PT eUSDE 29May2025) on Pendle can use them as collateral on Aave’s Ethereum Core market. $150M was supplied within the first 6 hours, prompting a cap raise to $250M, now nearly reached at $240M+. Combined with Ethena rewards and low borrow rates, the integration highlights the growing practicality of multi-protocol DeFi strategies.

Polygon Sees Record Stablecoin Usage

Per obchakevich's dashboard, Polygon continues to dominate stablecoin usage, leading all chains for the second month in a row in active USDC senders with 2.9M in April, compared to 1.7M on Solana. It also recorded an all-time high in USDT active addresses at 1.7M+. Peer-to-peer transfer volume for USDC and USDT combined hit a new high of $2.6B, while stablecoin onramps also set a record, driven largely by rising activity from Revolut. These trends highlight Polygon’s growing role as a hub for stablecoin-based payments and retail crypto access.

Believe, Boop, and the Great Tokenization

Thought the tokenization supercycle was over? Think again. Pump.Fun recently crossed 10 million tokens launched, but this week also saw the debut of Boop and Believe, both on Solana, adding to new entrants like LaunchLab and Zora Coins. Boop, live since May 1, saw over 13K tokens launched, 11K on its first day alone. It stands out for redistributing fees to creators and holders of “graduated” tokens. Believe (formerly Clout) went live on April 28 and takes a different approach—positioning itself as a token factory for creative or technical projects, rather than social clout. It has already seen 3.6K token launches in its first days. If anything, the race to tokenize everything is just getting started.

Huma 2.0 Unlocks PayFi on Solana

Launched in April 2025, Huma Finance’s Huma 2.0 introduces a permissionless yield platform on Solana powered by PayFi—a system where businesses pay daily fees for short-term stablecoin liquidity to settle real-world payments. Since repayments occur within days, capital is recycled frequently, generating stable, compounding yield. Deposits mint a liquid LP token ($PST), tradable and soon usable across Solana DeFi. In just weeks, Huma has processed $4B+ in volume—per Huma's dashboard—and grown to 37K depositors, filling its initial $25M cap. Huma is positioning PayFi as a new source of sustainable DeFi yield.

Nothing in this newsletter constitutes financial advice.

Always do your own research.

Dune Digest is all about cutting through the noise and surfacing the most relevant on-chain trends. If you have insights, dashboards, or data-driven stories that belong in the Digest, drop your suggestions here.

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Dune Team

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