Tether Is Bringing USDT To Bitcoin Network, Which Will Allow 'Millions' To Send Dollars Globally
Cryptocurrency firm Tether (CRYPTO: USDT) announced the launch of USDT, the world’s most valuable stablecoin by market cap, on the Bitcoin (CRYPTO: BTC) blockchain on Thursday.
What Happened: The integration will make the $139 billion-valued stablecoin available on Bitcoin’s base layer and the Lightning Network, its second-layer protocol, according to a press release.
The integration will be made possible by the new Taproot-powered protocol, Taproot Assets, developed by Lightning Labs. The upgrade allows users to issue and transfer digital assets like stablecoins directly on the Bitcoin blockchain.
“Millions of people will now be able to use the most open, secure blockchain to send dollars globally. It all comes back to Bitcoin,” Lightning Labs CEO Elizabeth Stark said.
Tether CEO Paulo Ardoino said the integration will offer practical solutions for remittances, payments, and other financial services.
USDT is already available on several leading blockchains like Ethereum (CRYPTO: ETH), Tron (CRYPTO: TRX), and Solana (CRYPTO: SOL).
See Also: Elon Musk’s Tesla Records $600 Million In Paper Gains On Bitcoin In Q4 Thanks To New Accounting Rule
Why It Matters: USDT is extensively used to enter and exit trading positions on exchanges, as well as in decentralized apps, remittances, and settlements, among other use cases. It is the fourth-largest cryptocurrency by market capitalization and most traded among them all.
However, over the years, USDT has attracted criticism for being a popular tool for drug traffickers and illegal gaming platforms to launder money. A UN report from last year explicitly mentioned USDT's role in boosting the illicit digital economy in Southeast Asia.
Earlier this month, Tether relocated to El Salvador, citing the country’s cryptocurrency-friendly policies, favorable regulations, and widespread adoption of digital assets.
Image via Shutterstock
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