Tether Backs Utexo with $7.5M Investment to Boost USDT on Bitcoin Network Settlement

BlockBeats News, March 7th, Stablecoin issuer Tether announced a $7.5 million co-lead investment in the startup Utexo. The investment round also included Big Brain Holdings, Portal Ventures, and Franklin Templeton.

Utexo is developing infrastructure to enable USDT to settle directly on the Bitcoin network and support payments via the Lightning Network. The solution offers a pre-confirmable fixed fee and utilizes the security of the Bitcoin network to complete transactions through atomic and privacy settlement mechanisms.

Paolo Ardoino stated that achieving native USDT settlement on Bitcoin and the Lightning Network will further strengthen Bitcoin's role as a global dollar settlement network. Currently, the USDT supply is approximately $184 billion, making it the largest USD stablecoin by market capitalization.