According to TechFlow, The Block reported that Paolo Ardoino, Chief Technology Officer of Bitfinex, said that the RGB protocol is the best choice for issuing stablecoins on Bitcoin. He believes that RGB is the legitimate successor after Tether deactivates Omni.
“We believe RGB is a modern, scalable, client-side smart contract system that offers the best chance of allowing tokens to be issued on Bitcoin,” Ardoino said. “Many prominent figures in the Bitcoin community support RGB, and we believe RGB has all the right elements to become the rightful successor to Omni.”
It is reported that RGB is a smart contract system and off-chain protocol designed for Bitcoin and Lightning Network, which allows the issuance of Bitcoin-based digital assets. Tether has announced the decommissioning of Omni, but plans to issue USDT on Bitcoin again through RGB.
Tether recently stopped supporting USDT on Omni as users shifted more to USDT on Ethereum and Tron, while usage on Omni declined.
Ardoino also noted that Tether is considering a timeline for issuing USDT via RGB.
Earlier on August 18, Tether CTO stated that they are actively developing RGB with Bitfinex and will reissue USDT on the Bitcoin RGB protocol in the future.
