{"id":4063,"date":"2023-10-21T20:30:29","date_gmt":"2023-10-21T20:30:29","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/bitfinexs-cto-paolo-ardoino-endorses-rgb-protocol-for-bitcoin-stablecoins\/"},"modified":"2023-10-21T20:30:30","modified_gmt":"2023-10-21T20:30:30","slug":"bitfinexs-cto-paolo-ardoino-endorses-rgb-protocol-for-bitcoin-stablecoins","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=4063","title":{"rendered":"Bitfinex’s CTO Paolo Ardoino Endorses RGB Protocol for Bitcoin Stablecoins"},"content":{"rendered":"
\n

Paolo Ardoino, the chief technology officer (CTO) at crypto exchange Bitfinex, has expressed his support for the RGB protocol as the “best opportunity” for issuing stablecoins on the Bitcoin network.<\/p>\n

In an interview with crypto news outlet The Block, Ardoino said he sees RGB as the \u201crightful successor\u201d to the Omni protocol, which was previously used by Tether for issuing USDT stablecoins.<\/p>\n

RGB, a smart contract system and off-chain protocol for Bitcoin and the Lightning Network, offers a solution for minting and issuing Bitcoin-based digital assets.<\/p>\n

The protocol was originally conceived by popular Bitcoiner Giacomo Zucco in 2016, with inspiration from Bitcoin Core developer Peter Todd’s earlier ideas.<\/p>\n

Tether, the stablecoin issuer that is closely affiliated with Bitfinex, announced the discontinuation of Omni support this year due to declining usage.<\/p>\n

At the same time, Ethereum and Tron have become the preferred platforms for USDT issuance and trading.<\/p>\n

Tether contributes to RGB development<\/h2>\n

Despite the shift in usage from Bitcoin to alternative blockchains, Tether has expressed interest in issuing its popular stablecoin on Bitcoin via RGB, and said it is \u201cevaluating a timeline for a possible issuance of USDT over RGB.\u201d<\/p>\n

The firm also remains an active contributor to the development of the protocol.<\/p>\n

In the interview, Ardoino, who was also recently promoted to CEO of Tether, stated that RGB is a promising solution, calling it a \u201cmodern, scalable, client-side smart contract system that allows tokens on Bitcoin.\u201d<\/p>\n

According to Ardoino, the protocol is well aligned with the needs of the Bitcoin community for stablecoin issuance.<\/p>\n

The Tether and Bitfinex executive further said he believes the protocol can effectively replace Omni and provide a more robust foundation for future stablecoin projects.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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