{"id":177710,"date":"2023-10-20T09:51:06","date_gmt":"2023-10-20T04:21:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177710"},"modified":"2023-10-20T09:51:06","modified_gmt":"2023-10-20T04:21:06","slug":"stablecoins-on-bitcoin-lightning-labs-aims-to-bitcoinize-the-dollar-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/stablecoins-on-bitcoin-lightning-labs-aims-to-bitcoinize-the-dollar-crypto-news\/","title":{"rendered":"Stablecoins on Bitcoin? Lightning Labs Aims to ‘Bitcoinize the Dollar’ – Crypto News"},"content":{"rendered":"
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Expecting the greenback to be replaced by <\/span>Bitcoin<\/span><\/a>? One company is bidding to \u201cBitcoinize the dollar\u201d by enabling stablecoins and other assets built atop Bitcoin via the Lightning Network.<\/span><\/p>\n

Lightning Labs<\/span><\/a>, one of the main companies working on Bitcoin\u2019s layer-2 <\/span>Lightning Network<\/span><\/a>, <\/span>released<\/span><\/a> \u201cTaproot Assets\u201d on mainnet Wednesday, allowing for the issuance of stablecoins and other financial assets on the Bitcoin blockchain.\u00a0<\/span><\/p>\n

According to the press release, the new set of developer tools will allow for Bitcoin to become a multi-asset network, taking the protocol to the next financial level.<\/span><\/p>\n

\u201cThis means that people all over the world will be able to access the global payments network of the future with just a mobile phone,\u201d Lightning Labs Director of Business Development <\/span>Ryan Gentry<\/span><\/a> told <\/span>Decrypt<\/span><\/i>.<\/span><\/p>\n

He explained that those best positioned to benefit from the new suite of tools are people in emerging markets, due to their demand for digital dollars. Gentry pointed out that the focus will likely be on <\/span>stablecoins<\/span><\/a>, since end users \u201cjust want to make USD transactions with high speed and low cost.\u201d He described Taproot Assets as an \u201cextremely potent combination.\u201d\u00a0<\/span><\/p>\n

Gentry reckons that the blend of Lightning\u2019s instant settlement, global reach, and low fees along with Bitcoin\u2019s security and decentralization will prove to be a game changer for the network, absorbing vast amounts of liquidity and transactional throughput.<\/span><\/p>\n

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The Lightning Network has <\/span>been on a tear<\/span><\/a> over the past couple of years, recording 1,212% growth from August 2021 to August 2023 in terms of monthly transactions, along with magnitudes more volume in USD and BTC terms. The latest features could push that growth even further.<\/span><\/p>\n

From stablecoins to real world assets such as U.S. treasuries or gold, Gentry wrote today that over 2,000 financial assets have already been minted in the testing phase of Taproot Assets\u2014highlighting that <\/span>tokenization<\/span><\/a> is taking place in a substantial fashion.<\/span><\/p>\n

According to Jesse Shrader, CEO of Lightning-centric data analytics firm <\/span>Amboss<\/span><\/a>, \u201cthe beauty of this innovation is that it uses simple smart contracts and leverages the established infrastructure of the Lightning Network.\u201d<\/span><\/p>\n

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Announcing the first mainnet release of Taproot Assets \ud83e\udd55, a protocol for assets on #bitcoin<\/a> and Lightning.<\/p>\n

With this release, developers can issue financial assets on-chain in a scalable manner. \ud83d\udcb1<\/p>\n

Today marks a new era of multi-asset bitcoin. \ud83c\udf05https:\/\/t.co\/2cNvZSvv8v<\/a><\/p>\n

\u2014 Lightning Labs\u26a1\ufe0f\ud83c\udf60 (@lightning) October 18, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Shrader suggested to <\/span>Decrypt <\/span><\/i>that the escalation of conflict between nations and the breakout of unsustainable debt levels are leading to breakdowns in trust for traditional financial systems\u2014and that Bitcoin and the Lightning Network are poised to fill that gap.<\/span><\/p>\n

\u201cBoth credit and chargeback risk still remain for our universe of traditional payments, necessitating a move to trust-free systems like Bitcoin to settle payment,\u201d he said, adding that Wednesday\u2019s launch \u201caccelerates the reach of this essential settlement technology in whatever currency you wish.\u201d<\/span><\/p>\n

Taproot Assets has been cheered on by prominent members of the crypto community, including Tether\u2019s <\/span>recently appointed CEO<\/span><\/a> Paolo Ardoino, who commented on the Twitter announcement, <\/span>writing<\/span><\/a>, \u201cThe future we deserve.\u201d<\/span><\/p>\n

Gentry believes that Taproot Assets will provide a \u201cdecentralizing force\u201d to the Lightning Network. He envisions a positive feedback cycle in which the tools will bring more users to Lightning, adding more volume across the network and increasing routing fees that will ultimately cause node operators to add more liquidity to the network.\u00a0<\/span><\/p>\n

\u201cOver time, we expect the aforementioned combination to shift more and more of the world\u2019s transactional volume to the Lightning Network,\u201d he said, \u201cBitcoinizing the dollar and the world\u2019s financial assets.\u201d<\/span><\/p>\n

Edited by Andrew Hayward<\/a><\/i><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Expecting the greenback to be replaced by Bitcoin? One company is bidding to \u201cBitcoinize the dollar\u201d by enabling stablecoins and other assets built atop Bitcoin via the Lightning Network. Lightning Labs, one of the main companies working on Bitcoin\u2019s layer-2 Lightning Network, released \u201cTaproot Assets\u201d on mainnet Wednesday, allowing for the issuance of stablecoins and […]<\/p>\n","protected":false},"author":2,"featured_media":177711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-177710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=177710"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177710\/revisions"}],"predecessor-version":[{"id":177717,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177710\/revisions\/177717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177711"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}