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Tether-backed Utexo plans to issue USDT on the Bitcoin network this month.

Utexo co-founder Viktor Ihnatiuk stated that the company has obtained a commercial license to issue USDT on Bitcoin and plans to provide APIs, SDKs, and cloud infrastructure for exchanges, wallets, and payment service providers.

Utexo will be based on the RGB protocol and the Bitcoin UTXO model, keeping most transaction data off-chain, focusing on supporting three types of applications: USDT privacy transfers, direct exchange between native BTC and USDT, and lending using native BTC as collateral, without the need to wrap BTC onto other blockchains.

USDT was first issued on the Bitcoin network in 2014 via the Omni protocol, after which Ethereum and Tron gradually became the main circulation networks.

Utexo also plans to expand to the Lightning Network after USDT goes live on the Bitcoin network.

(CoinDesk)