Tether's USDT Returns to Bitcoin with Utexo License
Utexo, a company backed by Tether, has secured a license to issue USDT on the Bitcoin network. This move marks the return of the stablecoin to its original blockchain ecosystem, where it first launched in 2014. The development would enable users to send USDT privately, swap the stablecoin directly with BTC, and borrow against Bitcoin without wrapping the underlying asset.
The Utexo approach centers the activity on Bitcoin itself, rather than using a wrapped version of the asset. This means that users would be able to interact with USDT and BTC without needing a wrapped version of Bitcoin. The license provides the regulatory or operational basis for Utexo to issue USDT on Bitcoin, although the exact launch date is not specified.
The expansion of USDT beyond Bitcoin has been significant, with the stablecoin now available on multiple blockchains, including Ethereum and Tron. However, the new license would allow users to interact with USDT and BTC in a more direct and private manner, which could have implications for the wider cryptocurrency market.