Utexo to issue USDT on bitcoin network

Utexo, backed by Tether, will issue USDT on the bitcoin network.

CoinDesk recently reported that Utexo co-founder Viktor Ignatyuk (빅토르 이그나티우크) said he has secured a commercial licence to issue USDT on bitcoin. Utexo plans to provide APIs, software development kits (SDKs) and cloud infrastructure to exchanges, wallet providers and payment service companies.

Utexo is based on the RGB protocol and the bitcoin UTXO model, and stores most transaction data off the blockchain.

Utexo will focus on 3 services: USDT transfers that do not reveal transaction histories, direct swaps between bitcoin and USDT, and loans backed by bitcoin. It will support using bitcoin as it is, without converting it into tokens for other blockchains.

USDT first appeared on bitcoin in 2014 through the Omni protocol. Ethereum and Tron later became the main networks for USDT circulation. Utexo plans to expand support to the Lightning Network after launching bitcoin-based USDT.