Tether Returns to Bitcoin Network with Utexo's License

Tether, the issuer of the world's largest stablecoin USDT, is set to return to the Bitcoin network this month.

Utexo, a digital-asset infrastructure project, has secured a commercial license from Tether to issue Bitcoin-based USDT.

This marks a significant development for the cryptocurrency market, as USDT was first issued on the Bitcoin network in 2014 but later circulated mainly on Ethereum and Tron.

Utexo plans to enable users to send and receive USDT on the Bitcoin network while minimizing the exposure of transaction information externally.

The project also aims to support direct swaps between Bitcoin and USDT without using a separate exchange, as well as borrowing funds against Bitcoin as collateral.

Additionally, Utexo plans to extend USDT support to the Lightning Network, which is designed for faster and cheaper Bitcoin transfers.

In a statement, Paolo Ardoino, Tether's chief executive officer, said USDT is 'coming home' in its return to Bitcoin.