The Utexo plan supported by Tether has been sending USDT over the Bitcoin network this month, but it plans to keep most transaction data off-chain. Utexo co-founder Viktor Ihnatiuk said it has obtained a commercial license and will provide API, SDK, and cloud infrastructure to exchanges, wallets, and payment service providers.
I’ll first watch how the off-chain data changes the visibility of these USDT. Following RGB’s usual design, only the commitment is left on-chain; transfer amounts and addresses aren’t fully recorded on-chain like Ethereum’s USDT. Later, if you want to track the paths of these USDT in the Bitcoin ecosystem, checking only an on-chain explorer may not be enough—you’d also need to combine the RGB client with asset state.
So far, the disclosure hasn’t provided specific contracts, asset identifiers, or the on-chain transaction formats. It also hasn’t said how the native BTC portion will be settled. Next, we’ll see whether Utexo or Tether will publish RGB asset identifiers, whether the Bitcoin mainnet will produce new types of commitment transactions, or whether an exchange wallet moves first.
I’ll first watch how the off-chain data changes the visibility of these USDT. Following RGB’s usual design, only the commitment is left on-chain; transfer amounts and addresses aren’t fully recorded on-chain like Ethereum’s USDT. Later, if you want to track the paths of these USDT in the Bitcoin ecosystem, checking only an on-chain explorer may not be enough—you’d also need to combine the RGB client with asset state.
So far, the disclosure hasn’t provided specific contracts, asset identifiers, or the on-chain transaction formats. It also hasn’t said how the native BTC portion will be settled. Next, we’ll see whether Utexo or Tether will publish RGB asset identifiers, whether the Bitcoin mainnet will produce new types of commitment transactions, or whether an exchange wallet moves first.