Financing the float behind stablecoin deposit infrastructure
Why now for rhino.fi, and the first USDT credit market we're opening on Wildcat to scale it.
Stablecoins have stopped being a crypto story and become payments infrastructure. The flows that matter now are business to business, and the hard part was never crosschain settlement. It is activating funds inside products in a compliant, deterministic and reliable way. That is the layer Rhino owns.
We have processed over $15bn in transaction volume for more than 100 business clients across 30+ chains, from neobanks and card programmes like Wirex and Karta to payments platforms like Kettlepay and trading venues like GRVT and Extended. We settle single transactions of up to $10m instantly, volume is up 5x year on year, and we are now clearing over $700m a month and growing.
"In under two years we have gone from a profitable consumer business to settling over $15bn for enterprises. The only ceiling left is how much liquidity we can put to work. This is the first of several moves to take that ceiling off and scale into the demand in front of us."
Will Harborne, CEO and co-founder, Rhino.fi
What limits our growth now is not demand, it is liquidity. Every dollar we can deploy across chains converts almost directly into settled volume and fees. So far we have funded that liquidity from our own balance sheet, which makes our balance sheet the ceiling of growth. A credit market is the native way to lift it.
The pool
The market is on Wildcat, in USDT, deployed on Plasma, paying lenders 10%. We are opening it at $2m to start and we will keep scaling the pool to match live client demand as the track record builds onchain.
Rhino runs delta neutral. We never take directional exposure to any asset. We hold the same total amount of stablecoins at all times. What changes is only their distribution across chains, continuously rebalanced through protocols like LayerZero and Circle's CCTP. Capital supplied by lenders to this new Wildcat market is put to work across our whole multi-chain network, and USDT borrowed on Plasma is offset by equivalent stablecoin assets held elsewhere in the system at all times. Your capital backs throughput.
You can see the reserves transparently held across Rhino.fi’s smart-contract infrastructure, see the terms, and see the repayments on Wildcat as they happen.
Why Plasma
We are raising this first market in USDT on Plasma deliberately. Plasma is built for stablecoin settlement at scale, with deep USDT liquidity and near zero cost transfers, which makes it the natural place to raise USDT capital. We already work closely with Plasma powering stablecoin onboarding for PlasmaOne, their flagship global neobank.
The alignment runs both ways. If you are building on USDT, Rhino scaling means deeper, faster rails for the flows you already depend on, and Plasma sits at the centre of that. Capital in this market does not just earn a yield. It strengthens the settlement infrastructure underneath Tether.
"Successful credit markets need deep liquidity, rapid money movement, and low fees. Rhino building one on Plasma is the natural next step toward mature stablecoin finance."
Zaheer Ebtikar, CSO at Plasma
Built on Wildcat
The market runs on Wildcat, the onchain credit protocol for transparent, fixed term lending markets. It is used by leading trading firms including Wintermute, which incubated it, alongside Amber Group, Keyrock and Selini Capital. Terms, reserves and repayments are all visible onchain, so lenders underwrite an operating business with the numbers in front of them rather than a promise.
Two reasons to lend
The first is the return. A 10% yield backed by an operating business that already generates fee revenue from the exact flows your capital supports. Not emissions. Not a market bet on tokens. Throughput and revenue driven by real world adoption of stablecoins.
The second is alignment. If you build with USDT, your liquidity makes the rails you depend on faster and deeper as Rhino scales. This is the first market in a broader programme across key chains, including Ethereum mainnet.
Fund the rails
Stablecoins have already become payments infrastructure. The deposit and activation stack for businesses is the next frontier. We are building it, and we are inviting you to fund the rails with us.
[Pool link] · [Terms and market parameters]
Full market details, terms and live parameters sit on the public facing doc that is linked from the Wildcat market itself: Public-Facing Rhino.fi Wildcat Info
Why now for rhino.fi, and the first USDT credit market we're opening on Wildcat to scale it.
Stablecoins have stopped being a crypto story and become payments infrastructure. The flows that matter now are business to business, and the hard part was never crosschain settlement. It is activating funds inside products in a compliant, deterministic and reliable way. That is the layer Rhino owns.
We have processed over $15bn in transaction volume for more than 100 business clients across 30+ chains, from neobanks and card programmes like Wirex and Karta to payments platforms like Kettlepay and trading venues like GRVT and Extended. We settle single transactions of up to $10m instantly, volume is up 5x year on year, and we are now clearing over $700m a month and growing.
"In under two years we have gone from a profitable consumer business to settling over $15bn for enterprises. The only ceiling left is how much liquidity we can put to work. This is the first of several moves to take that ceiling off and scale into the demand in front of us."
Will Harborne, CEO and co-founder, Rhino.fi
What limits our growth now is not demand, it is liquidity. Every dollar we can deploy across chains converts almost directly into settled volume and fees. So far we have funded that liquidity from our own balance sheet, which makes our balance sheet the ceiling of growth. A credit market is the native way to lift it.
The pool
The market is on Wildcat, in USDT, deployed on Plasma, paying lenders 10%. We are opening it at $2m to start and we will keep scaling the pool to match live client demand as the track record builds onchain.
Rhino runs delta neutral. We never take directional exposure to any asset. We hold the same total amount of stablecoins at all times. What changes is only their distribution across chains, continuously rebalanced through protocols like LayerZero and Circle's CCTP. Capital supplied by lenders to this new Wildcat market is put to work across our whole multi-chain network, and USDT borrowed on Plasma is offset by equivalent stablecoin assets held elsewhere in the system at all times. Your capital backs throughput.
You can see the reserves transparently held across Rhino.fi’s smart-contract infrastructure, see the terms, and see the repayments on Wildcat as they happen.
Why Plasma
We are raising this first market in USDT on Plasma deliberately. Plasma is built for stablecoin settlement at scale, with deep USDT liquidity and near zero cost transfers, which makes it the natural place to raise USDT capital. We already work closely with Plasma powering stablecoin onboarding for PlasmaOne, their flagship global neobank.
The alignment runs both ways. If you are building on USDT, Rhino scaling means deeper, faster rails for the flows you already depend on, and Plasma sits at the centre of that. Capital in this market does not just earn a yield. It strengthens the settlement infrastructure underneath Tether.
"Successful credit markets need deep liquidity, rapid money movement, and low fees. Rhino building one on Plasma is the natural next step toward mature stablecoin finance."
Zaheer Ebtikar, CSO at Plasma
Built on Wildcat
The market runs on Wildcat, the onchain credit protocol for transparent, fixed term lending markets. It is used by leading trading firms including Wintermute, which incubated it, alongside Amber Group, Keyrock and Selini Capital. Terms, reserves and repayments are all visible onchain, so lenders underwrite an operating business with the numbers in front of them rather than a promise.
Two reasons to lend
The first is the return. A 10% yield backed by an operating business that already generates fee revenue from the exact flows your capital supports. Not emissions. Not a market bet on tokens. Throughput and revenue driven by real world adoption of stablecoins.
The second is alignment. If you build with USDT, your liquidity makes the rails you depend on faster and deeper as Rhino scales. This is the first market in a broader programme across key chains, including Ethereum mainnet.
Fund the rails
Stablecoins have already become payments infrastructure. The deposit and activation stack for businesses is the next frontier. We are building it, and we are inviting you to fund the rails with us.
[Pool link] · [Terms and market parameters]
Full market details, terms and live parameters sit on the public facing doc that is linked from the Wildcat market itself: Public-Facing Rhino.fi Wildcat Info