Bitfinex to Launch Stablecoin Tether (USDT) on Lightning Network This Year After Coming to EOS

  • After Omni, Ethereum, and Tron, Tether is coming on EOS blockchain
  • Bitfenix collaborating with Blockstream to launch Tether on Liquid to bring assets on the Lightning Network
  • Not “directly on Bitcoin” rather a separate layer for proof transmission

With new entrants keep on coming in the market, the fight among stablecoins is also rising up. This has the popular and controversial Tether slowly losing its market share to competitors.

In late April, we also got to know that Tether stablecoin is not 100 percent backed by USD and Bitfinex exchange that has overlapping management and ownership with Tether used USDT funds to cover its $850 million losses. Then in May, it has been revealed that Tether used some of its reserves to make investments in Bitcoin among other “assets.”

However, Tether is now working on making its way back to its glory days.

Per the latest reports, Bitfinex is planning to bring USDT to more blockchains. Tether has already been issued on the Omni Layer, Ethereum and then recently (in April) on Tron. Now, it has been reported, USDT is coming on EOS blockchain.

The idea behind this is to supplement eosfinex, a decentralized crypto asset exchange build on top of EOS protocol. Like other DEXs, it is difficult to process crypto-to-fiat pairs on eosfinex as well.

EOS has a lot of things working in its favor as recently, Coinbase announced the fifth largest cryptocurrency is available on and its Android and iOS apps. Additionally, with June 1st here, a huge announcement, that is speculated to be a crypto Twitter, is coming its way.

Tether (USDT) Coming on Lightning Network

Bitfinex CTO Paolo Ardoino said that the Bitfenix team is collaborating with Blockstream to launch Tether on Liquid to bring assets on the Lightning Network. The intent here is to launch Tether on the Lightning Network by the end of this year.

As part of its efforts, Bitfenix has joined companies and a group of developers called RGB to put more asset onto the Lightning Network which is a second layer solution to enable cheaper and quicker Bitcoin transactions.

With this Tether would become the first stablecoin to be issued on the Lightning Network as its competitors TrueUSD, Gemini dollar, USD Coin, and PAX all are exclusively issued on Ethereum blockchain.

Despite taking a beating after the NYAG fiasco, Tether has been hitting a new high above $3.1 billion in market capitalization over the last month. But it could be attributed to the monster rally Bitcoin and the crypto market saw that has other stablecoins like USDC and PAX seeing an increase in its market cap during the same period as well.

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