Key Highlights
- Tether’s $USDT is set to return to the Bitcoin network through the Tether-backed Utexo project.
- Utexo has received a commercial license to issue $USDT on Bitcoin and plans to begin this month.
- Tether holds approximately 100,000 $BTC, valued at $8.4 billion, according to Bitcoin Treasuries.
Tether’s $USDT prepares to return to Bitcoin
Tether’s $USDT, the world’s largest stablecoin by market capitalization, is set to return to the Bitcoin network after initially launching on Bitcoin in 2014 through the Omni protocol. The stablecoin later established Ethereum and Tron as its primary networks.
“It’s coming home,” Tether CEO Paolo Ardoino proclaimed on X last week, referring to the planned return of $USDT to Bitcoin.
The relaunch is expected to take place through Utexo, a Tether-backed infrastructure project founded in 2025. Utexo is expected to begin issuing the stablecoin on the Bitcoin network this month, reconnecting $USDT with the blockchain where it first began.
Utexo receives commercial license to issue $USDT
Utexo raised $7.5 million in funding earlier this year and has been granted a commercial license to issue $USDT on Bitcoin. The license allows the project to use Tether’s stablecoin trademark to bring $USDT to exchanges, wallets and payment providers, Utexo co-founder Viktor Ihnatiuk told CoinDesk in a Telegram message.
The planned issuance reflects Tether’s continued association with Bitcoin, according to Ihnatiuk.
“Tether has always been a Bitcoin company,” Ihnatiuk told CoinDesk in a recent interview. “Bitcoin for them is a stability haven, along with gold. That’s why Tether kept buying $BTC and supporting the Bitcoin community.”
Tether’s Bitcoin holdings underscore its network focus
Tether held around 100,000 $BTC, worth approximately $8.4 billion, as of mid-August this year, according to Bitcoin Treasuries. The company’s Bitcoin holdings and support for Bitcoin-related infrastructure provide additional context for the planned return of $USDT to the network.
With a market capitalization of nearly $190 billion, $USDT remains the largest stablecoin. Its return to Bitcoin would expand the ways exchanges, wallets and payment providers can access and use the token on the original blockchain.
Why This Matters
Returning $USDT to Bitcoin reconnects Tether’s largest stablecoin with its original blockchain while giving market participants another network through which to access it. The initiative also highlights the role of infrastructure providers such as Utexo in bringing stablecoins to exchanges, wallets and payment services. The next reported milestone is Utexo’s expected start of $USDT issuance on Bitcoin this month.
Frequently Asked Questions
When did $USDT first launch on Bitcoin?
$USDT began on Bitcoin in 2014 through the Omni protocol before Ethereum and Tron became its primary venues.
Who will issue $USDT on Bitcoin?
Utexo is expected to issue $USDT on Bitcoin. The Tether-backed project has received a commercial license to use the stablecoin’s trademark for distribution to exchanges, wallets and payment providers.
How much Bitcoin does Tether hold?
Tether held around 100,000 $BTC, valued at approximately $8.4 billion, as of mid-August this year, according to Bitcoin Treasuries.