Paolo Ardoino, CTO of cryptocurrency exchange Bitfinex, announced the most suitable protocol for producing stablecoins via Bitcoin.
According to Ardoino, who spoke in an interview with The Block, to produce stablecoins through Bitcoin RGB protocol offers “best deal”.
Bitfinex’s sister company, Tether, used Omni to produce stablecoins on the Bitcoin blockchain in 2014, but then stopped using it. According to Ardoino, RGB could be the “legitimate successor” of Omni:
“Speaking specifically to Omni, we believe that RGB offers the opportunity to have a modern, scalable, client-side smart contract system that enables token generation via Bitcoin. “Many prominent figures in the Bitcoin community support RGB, and we believe RGB has all the features needed to be a legitimate successor to Omni.”
RGB, which is an off-chain protocol for Bitcoin and Lightning Network, enables the production of Bitcoin-based digital assets. Based on the work of Peter Todd, the idea was first proposed in 2016 by Bitcoin educator Giacomo Zucco as a “non-blockchain asset system.”
Tether stopped using Omni in August due to declining demand compared to Ethereum and Tron blockchains.
According to Ardoino’s statement, Tether Generating USDT via RGB is considering his opinion.