The company Utexo has announced the launch of USDT on the Bitcoin network in October, planning to offer three services: private transfers, direct swaps and loans collateralized by BTC.
According to co-founder Viktor Ihnatiuk, Utexo has received a commercial license to issue USDT on the Bitcoin blockchain and to use its trademark for distribution among exchanges, wallets and payment systems. The Tether-backed company plans to begin issuing in October.
As part of the proposed rollout, Utexo will provide the software connections, developer tools and cloud services that other companies need to offer bitcoin-based products. According to the company's plans, the first phase will use bitcoin's main network, after which support will extend to Lightning, bitcoin's second-layer payment network.
Transfers in USDT will make it possible to avoid publishing payment data publicly
Using RGB, Utexo plans to support stablecoin transfers in which participants verify transaction information themselves, with ownership tied to unspent Bitcoin transaction outputs. According to the project's description, most of the payment information will remain outside Bitcoin's public transaction record.
For users, the proposed services include private sending of USDT, direct swapping of BTC for USDT and borrowing against BTC. Utexo says the swap service will make it possible to avoid executing the trade through an exchange, while its lending model will allow borrowers to keep their bitcoins in the existing network.
By accepting actual BTC as collateral, the company's proposed lending service will eliminate the need to convert these assets in advance into a wrapped token on another blockchain. Utexo describes private payments, swaps and lending as separate uses of the same bitcoin-based infrastructure.
According to the report, more than 450 companies, including exchanges and e-wallet providers, have expressed interest in Utexo. The report also describes talks with major financial institutions, noting that the company has not yet confirmed any partnerships.
Utexo's privacy-focused architecture includes restrictions on flagged outputs
According to Ihnatiuk, under the proposed system Utexo intends to maintain a list of transactions linked to sanctioned or illegal activity and share it with exchanges and other service providers.
His explanation distinguishes the proposed blacklist from an address freeze on the Ethereum network. Since RGB assets are tied to Bitcoin transaction outputs, he said, Utexo cannot freeze them using the same mechanism Tether uses for its token on Ethereum.
Instead, the proposed restrictions would apply through the services that accept, exchange or move these assets. As the co-founder described, a flagged asset would become unsuitable for exchange via a bridge or token-minting service, as well as for withdrawal to Ethereum or Tron.
According to the provided report, the output-based approach would target the affected assets rather than blocking every asset linked to a specific address. Utexo's stated model combines confidential transaction information with restrictions applied to identified outputs.
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