Tether Stablecoin to Run on BlockStream’s Liquid Network Sidechain

Tether is now running on a sidechain of Bitcoin’s blockchain. While Tether has traditionallyoperated on the Omni Layer of Bitcoin, the U.S. dollar-backed stablecoin has begun spreading to other blockchain protocols this month.

Most recently, Tether is now being offered on blockchain company BlockStream’s Liquid Network sidechain, according to an official announcement on July 29.

According to the announcement, Liquid-based Tether — called Liquid USDT — is being offered immediately for deposits and withdrawals on Bitfinex.

Additionally, the staff at Liquid are reportedly developing support for Liquid USDT on a number of other affiliated crypto exchanges, including OKEx, OKCoin, BTSE, BTCTrader/BtcTurk, RenrenBit and Sideshift AI.

According to the announcement, the Liquid sidechain offers faster settlements than are possible on the Omni Layer, as well as confidential transactions and multisignature security.

Blockstream CSO Samson Mow also says there are several new trading features that can be accomplished on Liquid with the recent addition of Tether:

“The addition of Tether is a major milestone in increasing the utility of the Liquid Network […] In combination with the latest developments in the Liquid ecosystem, traders can now achieve some really cool things, such as OTC atomic swaps, super-fast arbitrage between exchanges, and easy Tether custody with Blockstream Green.”

Subscribe to our groups in Facebook and Telegram and stay up to date.

Main, News

Leave a Reply

Your email address will not be published. Required fields are marked *