Bitfinex’s CTO, Paolo Ardoino, Supports RGB Protocol
Paolo Ardoino, the Chief Technology Officer (CTO) of Bitfinex, has endorsed the RGB protocol as the optimal solution for issuing stablecoins on the Bitcoin network.
RGB Protocol as the Successor to Omni
In an interview with crypto news outlet The Block, Ardoino referred to RGB as the “rightful successor” to the Omni protocol, which was previously used by Tether for USDT stablecoin issuance.
RGB Protocol’s Origin and Features
RGB is a smart contract system and off-chain protocol designed for Bitcoin and the Lightning Network. It offers a method for creating and issuing digital assets based on Bitcoin.
Giacomo Zucco, a prominent Bitcoin advocate, conceived the protocol in 2016, drawing inspiration from ideas presented by Bitcoin Core developer Peter Todd.
Tether’s Transition to RGB
With declining usage of the Omni protocol, Tether, closely linked to Bitfinex, has shifted its focus to Ethereum and Tron for USDT issuance and trading. Despite this shift, Tether is actively exploring the possibility of issuing USDT on Bitcoin through RGB.
Ardoino emphasized that RGB aligns well with the Bitcoin community’s requirements for stablecoin issuance.
A Modern Solution for Stablecoins on Bitcoin
Describing RGB as a “modern, scalable, client-side smart contract system enabling Bitcoin-based tokens,” Ardoino believes that it has the potential to replace Omni effectively and establish a stronger foundation for future stablecoin projects.