Tether invests in Utexo to integrate USDT on Bitcoin
The well-known USDT stablecoin issuer, Tether, announced this week an investment in the Utexo startup. Utexo is a project aimed at integrating USDT settlements directly on the Bitcoin blockchain, without the need to conduct transactions through third-party services or exchanges.
This is another step by Tether to strengthen its positions in the crypto industry and expand the use cases for USDT. Earlier this month, Tether also invested in the "smart" mattress startup Eight Sleep, valued at $1.5 billion.
Such investments demonstrate Tether's desire to deepen the integration of USDT into various spheres of the crypto economy - from DeFi protocols to IoT devices. Direct USDT settlements on Bitcoin, bypassing traditional exchanges and platforms, can simplify and reduce the cost of transactions for users and developers.
Given the dominant position of USDT in the cryptocurrency market (over 60% market share), such integration can significantly impact the entire ecosystem. This will allow Tether to strengthen its control over cash flows in the crypto space and consolidate its position as a key player.
Conclusion: Tether's investment in Utexo is another step by the company to expand the USDT ecosystem and strengthen its influence in the crypto industry. Direct USDT settlements on Bitcoin can simplify transactions and make them cheaper for users, but will also increase Tether's control over cash flows. This demonstrates Tether's strategy of deep integration of USDT into all areas of the crypto economy.