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Tether, the issuer of $USDT, the world’s largest stablecoin, is preparing to make a new move that also concerns Bitcoin.
According to Bitcoin Magazine, Tether is preparing to issue $USDT (a Bitcoin-based cryptocurrency) on the Bitcoin network via the RGB protocol.
Tether is partnering with software company Utexo to manage the Bitcoin-based $USDT mining and distribution process.
UTEXO co-founder Viktor Ihnatiuk said, “After eight years (or even longer) of development, with the support of Tether, we became the first company to launch $USDT on the Bitcoin network.”
$USDT, which is based on Bitcoin, is expected to support instant swaps with BTC via the Lightning Network.
With several wallets and exchanges, including Tether Wallet, announcing plans to support the new asset, the launch is expected to happen as early as July.
This move will also bring $USDT back to the Bitcoin network, where it was first launched via Omni-Mastercoin in 2014. RGB will allow users to send and receive $USDT between Bitcoin addresses and compatible wallets.
*This is not investment advice.