Bitfinex Intends To Bring Stablecoin To Lightning Network

Bitfinex, a major cryptocurrency exchange, is planning to introduce the USDT stablecoin, backed by its associate firm Tether, on the Lightning Network (LN).

According to the report, Paolo Ardoino, Bitfinex’s chief technology officer stated that the company intends to introduce USDT on LN later this year. To achieve the objective, the firm supposedly joined the RGB open source development venture.

The GitHub repository indicates that the RGB venture is “a completely free, open-source, non-profit and community-oriented effort, promoted by the BHB Network and aimed at the development of standards and best practices to issue, transmit and store ‘Bitcoin-based non-bitcoin assets.’”

Regarding the initiative, Ardoino opined that it is “one of the coolest things” the firm has taken part so far. The firm’s CTO has also pointed out that Bitfinex prefers to contribute to the advancement of LN. A post made by Tether in April 2017 reveals the company’s interest for the development of a stablecoin.

Notably, Tether has entered into collaboration with EOS parent company Block.one to introduce its stablecoin on the EOS blockchain. Similarly, several news reports indicate that social media platform provider Facebook has entered into negotiations with major cryptocurrency exchanges in the US regarding the launch of long awaited stable coin, named Globalcoin.