The management of BitFinex, a crypto exchange based out of Hong Kong and registered at the British Virgin Islands, is reportedly planning to launch the stablecoin Tether (USDT) on its new Lightning Network-based protocol. BitFinex is clearly continuing the high it reached a few days ago by bagging 1 billion dollars in funding from a private token sale.
The Chief Technology Officer (CTO) of BitFinex, Paolo Ardoino, said that this Tether project, based on the Lightning Network-enabled platform, is “one of the coolest things” the firm has ever done so far. It has also been revealed by the development team of BitFinex that the launch of USDT on the EOS is also on the cards, considering it is one of the most commonly used platforms for the creation and deployment of decentralized applications or dApps.
The USDT stablecoins that are in circulation right now are those developed on the Omni Layer of the Bitcoin blockchain, on the Ethereum network and the Tron platform.
It is important to note that the BitFinex developers are also planning to release USDT on the sidechain protocol of Blockstream, the Liquid Network. In statements to the press, Ardoino also said that the blockchain-oriented firm plans to launch the USDT stablecoin on a Lightning Network-enabled platform at a later part of this year.
The BitFinex CTO also added that the team is also working on the potential release of the USDT stablecoin on some of the other existing blockchain networks well, in the near future. To make this possible, and to release USDT on key blockchain platforms, the BitFinex has reportedly started working with RGB, a group of firms and software architects.
It’s been a while since the BitFinex team started working on creating a Lightning Network-enabled USDT stablecoin, as it started back in 2017. Its official website notes:
“We are also excited to announce the initial discovery and integration discussion with the Lightning team for low-cost, instant transactions of Tether currencies on the Lightning network. This should also facilitate atomic swaps of Tethers between the Omni on Bitcoin and Omni on Litecoin chains.”