Tether-backed Utexo is expected to begin issuing USDT on Bitcoin this month. According to NS3.AI, USDT is the world’s largest stablecoin, with a market capitalization of nearly $190 billion.

Utexo co-founder Viktor Ihnatiuk said the project has a commercial license to issue USDT on Bitcoin. He added that Utexo would blacklist transaction outputs linked to sanctioned or illicit activity rather than freeze addresses.

The company also plans to expand USDT to Bitcoin’s Lightning Network after the initial launch.