As the Stabilization War continues to heat up, Bitfinex hopes to introduce USDT into more blockchains, and the company announced on Friday that it will launch stable coins on the EOS blockchain. Currently, Tether has issued USDTs at the Omni protocol layer, Ethereum and TRON. In the next few weeks, the company also plans to release USDT on Blockstream's sidechain Liquid.
Bitfinex CTO Paolo Ardoino said the company intends to introduce the stable currency into more blockchains and said it will launch the coin on Lightning Network (LN) sometime this year. To achieve this goal, Bitfinex has joined a developer organization called RGB, which is working on more assets on LN.
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LN is a Layer 2 protocol designed to enable faster and lower cost bitcoin transactions.
Ardoino pointed out in the mail:
“I think this is one of the coolest things we have ever done. We really love LN (I love it more), so we want to make sure we know LN better and contribute to it with our resources.”
The news released by Bitfinex in September 2017 shows that the company has long been planning to access the lightning network. The company said that deploying USDT on the Lightning Network may increase the transaction speed of the currency.
“We are pleased to announce that we are having a preliminary discussion with the Lightning Network team to conduct low-cost, instant USDT transactions on the Lightning Network.”
Tether will be the first mainstream asset released on LN, which will help further adoption of this Layer 2 protocol. Tether's competitors, USD Coin, TrueUSD, PAX and Gemini dollar, are only available at Ethereum.
Bitfinex and its sister company Tether have recently been involved in a funding dispute with the Office of the Attorney General of New York. Despite this, its market value has regained lost ground, setting a new high of more than $3.1 billion.
Tether is not the only stable currency that sets a new high. PAX's market value last month reached $70 million. At the same time, the market value of USDC increased by $100 million over the same period.