El Salvador – Tether, the company that recently announced it is moving all of its operations to El Salvador, has announced the integration of its USDt stablecoin into the Bitcoin ecosystem, including both its base layer and the Lightning Network.
This integration will be made possible by a new Taproot-backed protocol called Taproot Assets, developed by Lightning Labs. Once completed, USDt will function seamlessly on both the Bitcoin base layer and its layer-2, the Lightning Network, enabling fast and low-cost transactions.
Paolo Ardoino, CEO of Tether, noted that USDt will offer developers and users the benefits of the reliability of the leading digital currency along with the efficiency of Lightning payments.
"Tether is committed to driving innovation in the Bitcoin ecosystem," said Paolo Ardoino, CEO of Tether.
"With USDt on the Lightning Network, we are reinforcing Bitcoin's fundamental principles of decentralization and security, while offering practical solutions for payments and remittances that require speed and reliability," he added.
Elizabeth Stark, CEO of Lightning Labs, highlighted the impact of the integration, stating that "bringing USDt to Bitcoin marks a new era for stablecoins. Now, millions of people will be able to use the most open and secure blockchain to send dollars globally."
The announcement was made during the inaugural panel of the Plan B Forum in El Salvador, in a dialogue between Paolo Ardoino and Elizabeth Stark. Both companies stated that they will continue working together to ensure a smooth adoption of USDt in the Bitcoin ecosystem.
About Tether
Tether is a stablecoin that is pegged to the US dollar. It is the most popular stablecoin in the world, with a market capitalization of over $80 billion. Tether is used by investors and traders to hedge against the volatility of other cryptocurrencies.
About Lightning Labs
Lightning Labs is a company that is developing the Lightning Network, a layer-2 scaling solution for Bitcoin. The Lightning Network enables fast and low-cost Bitcoin transactions.
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