Summary
- The world's largest stablecoin, Tether (USDT), is set to resume issuance on the Bitcoin (BTC) network this month.
- Utexo said it secured a commercial license to issue Bitcoin-based USDT from Tether and plans to support transfers with minimal exposure of transaction information.
- Utexo said it plans to offer direct Bitcoin-USDT swaps without a separate exchange, Bitcoin-backed loans, and later expand USDT support on the Lightning Network.
Forecast Trend Report by Period
Tether, issuer of the world's largest stablecoin USDT, is poised to return to the Bitcoin network this month.
Utexo, a digital-asset infrastructure project, plans to start issuing USDT on the Bitcoin network this month, CoinDesk reported on October 2. The company secured a commercial license from Tether to issue Bitcoin-based USDT.
USDT was first issued on the Bitcoin network in 2014, but later circulated mainly on Ethereum and Tron. In August 2023, Tether halted new USDT issuance on Bitcoin's Omni Layer.
Paolo Ardoino, Tether's chief executive officer, said USDT was "coming home" in its return to Bitcoin.
Utexo plans to enable users to send and receive USDT on the Bitcoin network while minimizing the amount of transaction information exposed externally. It will also support direct swaps between Bitcoin and USDT without using a separate exchange, as well as borrowing funds against Bitcoin as collateral.
The project also plans to extend USDT support to the Lightning Network, which is designed for faster and cheaper Bitcoin transfers.
Uk Jin
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