Paolo Ardoino, Bitfinex’s Chief Technology Officer (CTO), has voiced his endorsement of the RGB protocol, deeming it the most promising option for launching stablecoins on the Bitcoin network.
In a conversation with the cryptocurrency news platform, The Block, Ardoino regarded RGB as the logical follow-up to the Omni protocol. The latter was the mechanism through which Tether previously issued its USDT stablecoins.
RGB is an advanced contract platform and an off-chain protocol tailored for both Bitcoin and its Lightning Network. It presents an avenue for creating and distributing digital assets based on Bitcoin.
The idea for the protocol was first formulated by renowned Bitcoin enthusiast Giacomo Zucco in 2016, drawing upon the earlier concepts of Bitcoin Core developer, Peter Todd.
This year, Tether, the stablecoin provider with strong ties to Bitfinex, revealed they would be ending their support for Omni, attributing the decision to its waning popularity.
Meanwhile, Ethereum and Tron have emerged as the favored platforms for the issuance and exchange of USDT.
Tether contributes to RGB development
While there’s a noticeable migration from Bitcoin to other blockchains, Tether has shown interest in launching its renowned stablecoin on Bitcoin using the RGB protocol. They’re in the process of “determining a schedule for a potential USDT release via RGB.”
The company also continues to be a significant contributor to the protocol’s evolution.
During the interview, Ardoino, who has recently been elevated to Tether’s CEO role, spoke highly of RGB. He described it as a “contemporary, scalable, client-centric smart contract framework that facilitates token creation on Bitcoin.”
Ardoino believes that the protocol is perfectly attuned to the Bitcoin community’s requirements concerning stablecoin issuance.
Further, this key figure from both Tether and Bitfinex voiced his conviction that RGB can capably supersede Omni, laying a stronger groundwork for upcoming stablecoin initiatives.