Speed Wallet Implements $USDT-L on Bitcoin’s Lightning Network

• Speed introduced $USDT-L to the Lightning Network, competing with major blockchains like Solana, Tezos, and Ethereum.
• $USDT-L transactions are cheaper, faster, more reliable, and more private than their $USDT counterparts.
• The integration could revolutionize the digital payment ecosystem, making stablecoins more accessible to the wider public.

Speed Wallet, one of the highest-rated $BTC wallets, has introduced $USDT-L, the first Tether implementation on the Lightning Network.

This makes stablecoin transactions more seamless, offers low transaction costs, enhanced user transactions, and easy $BTC interoperability.

[...]By integrating USDT with the Lightning Network, Speed aims to expand the utility and adoption of both technologies, providing users with a stable-value option for quick and low-cost transactions.Speed

This breakthrough could even the odds between the Lightning Network and the major blockchains (like Solana and Tron), which account for 90% of all $USDT transactions.

Let's discuss the news and see what $USDT-L integration on the Lightning Network means.

Why Is $USDT-L a Game Changer in Crypto?

The Lightning Network brings several advantages to $USDT transactionscompared to popular blockchains like Tezos, Ethereum, and Solana:

• Lower fees and higher speed
• Higher reliability (superior uptime and fewer outages)
• Off-chain transactions, for more privacy
• Routing obfuscation for anonymity
• Increased global adoption on one of the fastest-growing networks
• Highly scalable due to no upper limit for transactions per second
• Robust security model from the Bitcoin blockchain

To get $USDT-L on the Lightning Network, you need to download the Speed wallet and convert $USDT to $USDT-L.

Speed claims $USDT-L could change the crypto landscape permanently, especially given its four core use cases:

1. Convert $BTC to $USDT-L for price stability
2. Send/receive $USDT-L
3. Achieve seamless $BTC-$USDT-L interoperability
4. Engage in real-time swaps on the Speed Wallet

The company also makes a worthwhile business case - firms could accept payments in $USDT-L and store it in $BTC or $USDT on the Lightning Network.

This would remove volatility and delays and eliminate transaction costs.How Will the $USDT-L Integration Take Place?

According to Speed, $USDT-L is 100% reserved against $USDT on Ethereum, and the funds remain in a multisig wallet.

There's a no-hypothecation' policy in effect, which means $USDT-L reserves won't be used for other purposes.

A third-party security audit will arrive shortly, alongside daily and monthly publications of proof of reserve.

Speed wants to increase $BTC accessibility and offer more financial inclusion and freedom, and the new $USDT-L payment ecosystem should be a step in that direction.

Can $USDT-L Change Digital Payments?

The integration of $USDT on the Lightning Network is a significant achievementfor the global digital payment ecosystem.

Combining $USDT's global reach with the Lightning Network's cutting-edge technology should make crypto stablecoin a household name.

References

• Challenging Stablecoin Platforms: Speed Wallet introduces USDT on Lightning to compete against Ethereum, TRON and SOLANA (Speed)

The post Speed Wallet Implements $USDT-L on Bitcoin's Lightning Network appeared first on The Tech Report.