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Summary
- The stablecoin leader Tether is introducing USDT on the Bitcoin network.
- Users can utilize their stablecoins on Bitcoin’s network through the RGB protocol.
- Tether aims to make Bitcoin “everyday money.”
The stablecoin leader Tether is expanding its reach within the Bitcoin ecosystem, revealing on Thursday that its USDT token will be accessible on the principal crypto network via the RGB protocol.
According to Tether’s press release, RGB enables users to issue assets on the blockchain, effectively paving the way for stablecoins to operate natively on Bitcoin.
“For Tether, this signifies that USDT can be transacted directly on the most secure and decentralized network globally, providing rapid, private, and lightweight payments to billions worldwide,” the company stated in the release.
This announcement arrives almost eight months after Tether revealed its intent to make its primary crypto product accessible on the Bitcoin blockchain via the Lightning network, which is a Layer 2 solution designed to enhance transaction speeds. This integration represented a major advancement for both Tether and Bitcoin, two influential players in the crypto space that had yet to collaborate.
Additionally, the development comes in the wake of favorable news for stablecoins, notably the enactment of the Genius Act that establishes U.S. guidelines for these tokens. Standard Chartered has forecasted that the market cap of stablecoins will triple by 2026’s end.
The RGB (Real Good Bitcoin) protocol utilizes smart contracts to enable functions on a blockchain, containing code that operates autonomous crypto applications, meme coins, and more. It has been implemented on other crypto networks, including Ethereum.
Tether stated that RGB was designed to position Bitcoin as the foundation for everyday transactions. Users will be able to hold both stablecoins and BTC in a single wallet and execute transactions offline.
“Bitcoin merits a stablecoin that is genuinely native, lightweight, private, and scalable,” remarked Paolo Ardoino, CEO of Tether. “With RGB, USD₮ acquires a robust new pathway on Bitcoin, reinforcing our belief in Bitcoin as the cornerstone of a more liberated financial future.”
Based in El Salvador, Tether manufactures USDT, the fourth-largest cryptocurrency with a market cap exceeding $167 billion, and is typically the most traded digital asset. Most stablecoins are linked to the value of the U.S. dollar.
Tether maintains a reserve of dollar assets.
Crypto traders often rely on stablecoins for seamless transactions without depending on traditional banks.
However, Tether now claims that USDT is also employed by individuals in emerging markets dealing with weak currencies who desire exposure to U.S. dollars.
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