Speed, the company behind the Speed Wallet, has launched USDT-L, the first version of Tether, the crypto market’s largest stablecoin, on top of Bitcoin’s Lightning Network (LN). The wrapped token, which uses the ‘taproot assets’ protocol recently rolled out by Lightning Labs, seeks to bring all the benefits of LN to stablecoin assets. In a blog post, Speed states that it “aims to expand the utility and adoption of both technologies, giving users a stable value option for fast and low-cost transactions.” Velocity also highlights the privacy benefits of using USDT-L over USDT in other L1 chains, including that transactions occur off-chain, payment routing is unclear, and limited disclosure of information is required for each transaction.
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