RGB represents the “best opportunity” for issuing stablecoins like USDT on Bitcoin, according to Bitfinex CTO Paolo Ardoino.
The chief technology officer at crypto exchange Bitfinex Paolo Ardoino told The Block in an interview that the RGB protocol represents the “best opportunity” for issuing stablecoins on Bitcoin. Ardoino views RGB as the the “rightful successor” to Omni after Tether discontinued its use to issue the USDT stablecoin.
RGB is a smart contracts system and off-chain protocol for Bitcoin and the Lightning Network, which allows for the minting and issuing of Bitcoin-based digital assets. It was originally envisioned in 2016 by Bitcoin educator Giacomo Zucco as a "non-blockchain based asset system," utilizing earlier ideas from Bitcoin Core developer Peter Todd, according to its website.
Tether has now completely ceased minting USDT on Omni, though users can continue redeeming the tokens or swap them to other chains for several months. “Tether is evaluating a timeline for a possible issuance of USDT over RGB,” he added. Tether is an active contributor to RGB and previously said it planned to return to issuing the stablecoin on Bitcoin via RGB.
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