Utexo, a Dubai-based blockchain startup, is set to reintroduce Tether’s USDT stablecoin to the Bitcoin network. The project utilizes the RGB protocol to facilitate off-chain transactions, aiming to provide enhanced privacy and payment speed. The public launch is scheduled for November 28, with support for the Lightning Network expected in the first quarter of 2027.
The initiative follows a $7.5 million seed round led by Tether in March. To issue USDT on Bitcoin, Utexo uses its Mint product, which requires locking USDT0 tokens on the Arbitrum network. This process allows for the creation of equivalent assets on Bitcoin, which can be redeemed by burning the RGB-based tokens to release the underlying funds.
Utexo has already opened early access to its Mint product for professional operators, including exchanges and market makers, on the Signet test network. The company has secured UniSat as a launch partner and is currently coordinating with 12 over-the-counter network partners, with 40 additional entities in the pipeline.
CEO Viktor Ihnatiuk stated that the project aims to reach a milestone of $1 billion to $10 billion in USDT supply on the Bitcoin network within the next 12 months. The company intends to focus on payments and financial arrangements rather than replicating the DeFi ecosystems found on networks like Ethereum.
