Bitfinex_s CTO Paolo Ardoino Endorses RGB Protocol for Bitcoin Stablecoins

2023-10-20 19:15:26

Source: Adobe / picsmartPaolo 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.

In an interview with crypto news outlet The Block, Ardoino said he sees RGB as the “rightful successor” to the Omni protocol, which was previously used by Tether for issuing USDT stablecoins.

RGB, a smart contract and off-chain protocol for Bitcoin and the Lightning Network, offers a solution for minting and issuing Bitcoin-based digital assets.

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

Tether, the stablecoin issuer that is closely affiliated with Bitfinex, announced the discontinuation of Omni support this year due to declining usage.

At the same time, Ethereum and Tron have become the preferred platforms for USDT issuance and trading.

Tether contributes to RGB development

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 “uating a timeline for a possible issuance of USDT over RGB.”

The firm also remains an active contributor to the development of the protocol.

In the interview, Ardoino, who was also recently promoted to CEO of Tether, stated that RGB is a promising solution, calling it a “modern, scalable, client-side smart contract that allows tokens on Bitcoin.”

According to Ardoino, the protocol is well aligned with the needs of the Bitcoin community for stablecoin issuance.

The Tether and Bitfinex utive further said he believes the protocol can effectively replace Omni and provide a more robust foundation for future stablecoin projects.

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