Based on a recent report, the management team at Bitfinex a British virtual currency exchange registered in the Virgin Islands which operates in Hong Kong and got $1 billion in form of funds during a private token sale, is set to launch Tether’s USDT stablecoin on a Lightning Network (LN).
USDT to Launch on the EOS Network, and a Lightning Network Release
The Chief Technology Officer at Bitfinex, Paolo Ardoino revealed that the LN-based Tether project which is expected to be released later this year is one of the greatest things that the exchange has ever done. He further said that the management team at Bitfinex intend to launch the high ranking stablecoin on several other blockchain networks in the future.
The development department of the company also made it known that the USDT stablecoin will be launched on EOS which is one of the largest platforms for the construction and distribution of decentralised applications (dApps).
The USDT that are currently being distributed were created on the Omni Layer on Ethereum, the TRON (TRX), and Bitcoin blockchain platforms.
Collaborating With RGP To Launch Digital Assets on Lightning Network-enabled Platforms
So as to release various functions of USDT on leading blockchain networks, the team at Bitfinex is reportedly working alongside a group of software developers and companies referred to as RGP, and the reason for creating the software development team is in order to release new types of digital assets on DLT- powered networks which will support the Lighting Network protocol.
While giving his opinion regarding the project, Ardoino stated that:
“I think [Lightning Network-based stablecoins] is one of the coolest things we could ever be involved with. We really love LN (I personally do a lot) so we want to make sure we learn and contribute to it with our resources.”
This launch will mark a significant point in the mainstream adoption of USDT.