Tether's USDT is 'coming home' to Bitcoin this month over a decade after debut there
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“It’s coming home,” Tether CEO Paolo Ardoino proclaimed on X last week, referring to the return of his company’s stablecoin, USDT, to the Bitcoin network.
Tether’s USDT, the world’s largest stablecoin with a market cap of nearly $190 billion, began life on Bitcoin in 2014 on its Omi protocol, before Ethereum and later Tron became its primary venues.
USDT is now set to return to the world’s oldest blockchain through Tether-backed infrastructure project Utexo, which is expected to begin issuing the world's largest stablecoin on the Bitcoin network this month.
Utexo, which was founded in 2025 and raised $7.5 million in funding earlier this year, has been granted the commercial license to issue USDT on Bitcoin, using the stablecoin’s trademark to bring it to exchanges, wallets and payment providers, Utexo co-founder Viktor Ihnatiuk told CoinDesk in a Telegram message.
“Tether has always been a Bitcoin company,” Ihnatiuk told CoinDesk in a recent interview. “Bitcoin for them is a stability haven, along with gold. That’s why Tether kept buying BTC and supporting the Bitcoin community.”
Tether holds around 100,000 BTC ($8.4 billion) as of mid-August this year, according to Bitcoin Treasuries.
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