Any development or news involving Tether will be of keen interest to crypto enthusiasts. It now appears that this stablecoin is moving some of its funds to the Liquid sidechain developed by Blockstream.
Most people know that Tether issues USDT on multiple blockchains.
Tether Seeks More Transactional Privacy
Those include OMNI, ethereum, and tron.
By adding Liquid to the list, an interesting step has been taken.
It appears that Tether wants to introduce additional privacy for its stablecoin.
Why anyone would need that for a currency that will be scrutinized one very chain, remains a bit unclear.
A token swap of 15 million USDT has occurred between ethereum and Blockstream’s Liquid.
This marks an important milestone for the company, yet it also confirms that ethereum may be losing another important project’s support.
This blockchain has received a lot of criticism over its congestion and lack of proper scaling.
Even so, the move to Liquid remains a very interesting one, for different reasons.
Liquid hasn’t received that much attention since its inception either.
Being able to hide Tether transfers between platforms or users is an interesting concept, albeit one that also raises suspicion.
For a while now, there has been a lot of concern as to how Tether could be manipulating the price of bitcoin.
A privacy-oriented approach to moving funds will only fuel those rumors even more.