Tether's USDT Returns to Bitcoin After Decade-Long Absence

Tether's USDT stablecoin is returning to its roots on the Bitcoin network after over a decade. Utexo, a project backed by Tether, has obtained a commercial license to issue USDT on Bitcoin and will provide tools for exchanges, wallets, and payment providers to use it.

The move comes as a result of a shift away from Ethereum and Tron, where most USDT activity had shifted since its initial launch in 2014. The RGB protocol combined with Bitcoin's UTXO model will keep transaction details off the public ledger, allowing for private transfers, direct swaps between BTC and USDT, and Bitcoin-backed loans.

Tether holds around 100,000 BTC, worth about $8.4 billion as of mid-August, highlighting the significance of this move. Utexo co-founder Viktor Ihnatiuk stated that Bitcoin has long been a priority asset for Tether.