Speed, the company behind the Speed Wallet, has launched USDT-L, the first iteration of Tether, the largest stablecoin on the crypto market, on top of Bitcoin’s Lightning Network (LN). The wrapped token, which takes advantage of the “ taproot assets” protocol recently rolled out by Lightning Labs, seeks to bring all the benefits of LN to stablecoin assets. In a blog post, Speed stated that it “aims to expand the utility and adoption of both technologies, providing users with a stable-value option for quick and low-cost transactions.” Speed also highlights the privacy benefits of using USDT-L over USDT in other L1 chains, including that transactions happen off-chain, the routing of the payments is obfuscated, and there is limited information disclosure required for each transaction.
Speed Launches USDT-L, Tether's First Iteration on Top of Bitcoin's Lightning Network
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