Utexo Plans November 28 Launch to Bring Tether's USDT to Bitcoin

Dubai-based startup Utexo announced plans to bring Tether's USDT back to the Bitcoin network on November 28 using the RGB protocol. The platform utilizes a lock-and-mint bridge locking USDT on Arbitrum to issue tokens one-for-one on Bitcoin, charging a 0.1% fee plus network costs. Utexo has established a target to bridge at least $1 billion in USDT within 12 months, aiming for up to $5 billion to $10 billion. The move seeks to restore stablecoin liquidity on Bitcoin following Tether's discontinuation of Omni Layer minting in August 2023.