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Cryptocurrencies

Bitfinex to launch Lightning Network support for stablecoin Tether

Monday 3 June 2019 | 11:04 AM CET

Cryptocurrency exchange Bitfinex has revealed plans to launch the USDT stablecoin operated by Tether on the Lightning Network (LN).

As per a new report, Bitfinex mentioned that the company plans to launch USDT on LN later in 2019. In order to pursue this goal, the company reportedly joined the RGB open source development project. The RGB project is an open-source, non-profit, and community-oriented effort, promoted by the BHB Network. It aims at the development of standards and best practices to issue, transmit, and store ‘Bitcoin-based non-Bitcoin assets.’

While Bitfinex wants to contribute to the LN’s development, a post released by Tether in April 2017 shows that the company already had such plans for the stablecoin at the time. Moreover, Tether has announced that it is partnering with EOS parent company Block.one to release its stablecoin on the EOS blockchain.

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