Tether's USDT Returns Home to Bitcoin Network
Tether's USDT stablecoin is set to return to its roots on the Bitcoin network, thanks to Utexo, a company co-led by Tether. The October launch plans for USDT on Bitcoin will include three key services: private transfers, direct BTC swaps, and Bitcoin-backed loans.
Utexo has secured a commercial license to issue USDT on Bitcoin and use its trademark for distribution to exchanges, wallets, and payment providers. According to co-founder Viktor Ihnatiuk, the proposed rollout will provide the software connections, developer tools, and cloud services that other businesses need to offer Bitcoin-based USDT products.
The first deployment will use Bitcoin mainnet before support extends to Lightning, Bitcoin's payment network. This will allow users to send USDT privately, exchange native BTC directly for USDT, and borrow against native Bitcoin without converting their holdings into a wrapped token on another blockchain.