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Home›Crypto›Market Structure›Tether-backed Utexo to enable private USDT transfers o…

Tether-backed Utexo to enable private USDT transfers on Bitcoin

The Tether-backed project plans direct BTC-USDT swaps and BTC-backed loans while keeping most transaction data off Bitcoin’s public ledger.

Reported · Written up by our desk · Market Structure

CoinDesk reports that a Tether-backed project called Utexo plans to support private transfers of USDT this month, positioning USDT activity back on the Bitcoin network after more than a decade since it debuted there.

According to CoinDesk, Utexo will offer direct swaps between BTC and USDT, and it will also support loans backed by BTC.

The report says the project aims to keep most transaction data off Bitcoin’s public ledger, even as it enables the BTC and USDT functionality.

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Sources

CoinDeskTether's USDT is 'coming home' to Bitcoin this month over a decade after debut there

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