Tether, the issuer of the world’s largest stablecoin USDT, co-led an investment round in Utexo, a startup that makes USDT payments possible on the bitcoin network, The Block reported on Thursday. The investment totalled $7.5 million.
Utexo enables USDT transactions to be processed directly on the bitcoin network. It also supports stablecoin use via the Lightning Network. Fees are fixed and disclosed in advance. Transactions apply bitcoin network security, and payments are made in USDT.
Tether and Utexo said, "Bitcoin has always been at the core of USDT’s long-term vision, but there was no infrastructure to make it a reality." They added, "Utexo was established to build that solution and enable bitcoin-based stablecoin payments."
Paolo Ardoino (파올로 아르도이노), Tether's chief executive officer, said, "By directly supporting USDT payments on Bitcoin and the Lightning Network, Bitcoin will strengthen its position as a global payment rail for real-dollar transactions."
Chi-gyu Hwang
delight@d-today.co.kr