Tether-Backed Utexo Prepares Private USDT Transfers on Bitcoin

Tether-backed Utexo is gearing up to launch private USDT transfers on Bitcoin this month. The company has secured a commercial license to issue the stablecoin using its trademark, which will be used in services provided through APIs, SDKs, and cloud services.

The platform, built on RGB and Bitcoin's UTXO model, will support private USDT transfers, native BTC-USDT swaps, and BTC-backed lending without wrapping Bitcoin. This is a significant move for Tether, as Utexo's co-founder Viktor Ihnatiuk confirmed that the company has always prioritized Bitcoin.

Tether held around 100,000 BTC, valued at $8.4 billion, in mid-August, according to Bitcoin Treasuries data. The stablecoin now has a market cap of nearly $190 billion and is currently available on Ethereum and Tron.