Utexo Brings USDT Back to Bitcoin with Private Transfers and Direct Swaps
Tether-backed Utexo is developing a new infrastructure to bring USDT to the Bitcoin network. This will allow users to swap BTC for USDT without using an exchange and borrow against their Bitcoin. The company has received a commercial license to issue USDT on Bitcoin, marking a return of the stablecoin to its original network.
The project focuses on three main use cases: private USDT transfers, direct swaps between BTC and USDT, and borrowing against Bitcoin. Direct swaps will eliminate the need for users to conduct transactions through an exchange when moving between BTC and USDT.
For borrowing, Utexo aims to let users use their Bitcoin as collateral without converting it into representative tokens on another blockchain. This would allow them to borrow without switching to assets like WBTC. The company plans to develop the software infrastructure needed for exchanges, wallets, and payment providers to offer these services.