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BitFinex Is Looking To Launch The USDT On The Lightning Network

BitFinex Is Looking To Launch The USDT

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BitFinex Is Looking To Launch The USDT

The ninth largest digital currency in market cap Tether is planning to launch on the Lighting Network. The stable coin is enjoying an all-time high market cap of $3.14 billion, and its CTO Paolo Ardoino says that the launch should take place later in the year. Speaking on the development, the CTO said:

“I think [Lightning Network-based stablecoins] is one of the coolest things we could ever be involved with. We really love LN (I personally do a lot), so we want to make sure we learn and contribute to it with our resources.”

To facilitate its move to the Lightning Network, Bitfinex, USDT’s sister company is joining the open source development platform RGB. Promoted by the BHB network, RGB will assist in the release of various implementations of the stable coin on the more extensive blockchain network. As per its GitHub repository, RGB’s primary goal is to enhance the best practices and standards in the issuing, storage, and transmission of BTC based non-BTC assets.

Tether has been planning on its move to the Lightning Network since April 2017 as per a September 2017, company update . In it, the company expresses its excitement as it announces “the initial discovery and integration discussion with the Lightning Network team for low-cost, instant transactions of Tether currencies on the Lightning Network,”

USDT on the Lightning Network and EOS

If its integration with the LN is successful, the USDT will be the largest stable coin operating on the network. The stable coin currently has a 1000 BTC capacity valued at $8.5 million. Its current competitors, including Pax, USD Coin, TrueUSD and the Gemini dollar, are based on the Ethereum network. IFinex, the owners of both USDT and crypto exchange BitFinex, successfully raised $1 billion in an IEO and the embattled crypto exchange is making its own significant moves too.

BitFinex is planning to launch the USDT on EOS, by collaborating with EOS parent from Block.one. EOS is a significant dApps development and deployment platform. Tether’s stable coin was developed on Bitcoin’s Omni Layer, the Tron platform and Ethereum. Already, Tether has sent a EOS smart contract, to the EOS account.

The partnership with EOS will significantly benefit the USDT because Tether EOS’s delegated proof of stake protocol is perfect for minute peer-to-peer transactions. Consequently, as per Jean-Louis van der Velde, the Tether CEO, the stable coin will enjoy the enhanced interoperability the EOS platform is capable of. BitFinex’s developers will also release the USDT onto the Liquid network, part of Blockstream’s protocol.

USDT Developments, a Breath of Fresh Air

The good news on the USDT could not come at a better time because the stable coin and its sister arm the BitFinex Exchange have been embroiled in legal matters for weeks with the office of the New York Attorney General.

Both BitFinex and Tether are accused of defrauding investors in New York by instituting a cover-up over an $850 million loss. Tether apparently loaned a large number of its USD reserves to BitFinex to assist the exchange plug their large losses. However, there is progress and the exchange’s lawyers have moved to dismiss the case on the grounds of inapplicable subject matter and jurisdiction. Despite the barrage of bad press directed at USDT, the token’s growth seems unfazed, and its volumes are enlarging by the day.

Ashton Felix is currently a contributing writer for multiple crypto news sites. He got his big break when he mined his first bitcoin back in 2012. He enjoys learning about new technology and travels throughout Asia in his spare time. Ashton immediately fell in love with the culture and people of China. He is currently based out of Shenzhen and is fluent in Mandarin.

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