Cryptocurrency exchange platform Bitfinex is set to roll-out a USDT stablecoin on the Lightning Network (LN). Media outlet The Block also reported that the Bitfinex stablecoin will be operated by Tether, the company’s sister firm.
Tether is currently issued on Ethereum, Omni Layer, and TRON. Bitfinex is said to be planning to distribute USDT on Liquid, Blockstream’s sidechain.
Paolo Ardoino, Bitfinex’s Chief Technology Officer, revealed that the USDT Lightning Network launch will happen before the year ends. To ensure that the company hits its objective, the company allegedly aligned with an RGB open source expansion project.
Free, Non-Profit. Open-Source and Community Focused
Based on GitHub’s archive, the RGB project is a totally free, non-profit, open-source, community-focused effort advocated by the BHB Network and targeting at the creation of best practices and set standards to release, transmit, and save “Bitcoin-based non-bitcoin assets.”
Ardoino was also cited by The Block as stating that the RGB project is one of the best programs the company has joined so far. He also noted that Bitfinex wants to assist to the further development of the Lightning Network.
A post by Tether in April 2017 indicated that Bitfinex already had plans in place for the development of stablecoin.
In other news, Tether has recently announced that it is collaborating with Block.one, EOS’ parent company, to launch its stablecoin on the EOS platform.
Facebook Joining Bandwagon
Facebook is also joining the stablecoin bandwagon. It was recently reported that the social media giant had discussions with several big US-based cryptocurrency exchange platforms about releasing its rumored stablecoin, the Globalcoin.