RATE Group | Crypto Trading Privacy Gets a Boost as $15M of Tether Moves to Liquid Sidechain
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Crypto Trading Privacy Gets a Boost as $15M of Tether Moves to Liquid Sidechain

09 Jan Crypto Trading Privacy Gets a Boost as $15M of Tether Moves to Liquid Sidechain

Posted at 02:53h in Ethereum News by

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Stronger privacy is coming to the largest stablecoin, tether, with a recent blockchain-to-blockchain swap of $15 million worth of tokens.

At 11:27 UTC on Jan. 7, stablecoin issuer Tether conducted a cross-chain swap of some 15 million USDT reserves from ethereum to Blockstream’s Liquid, a federated sidechain running parallel to the bitcoin blockchain. The technical possibility of USDT’s Liquid debut was first announced in July 2019.

Innocuous at first glance, the transfer has implications for both digital asset trading and the larger tether market, which saw a mass migration from Omni, a bitcoin-based protocol, to ethereum and even Tron over the course of 2019.

But what Liquid offers is privacy.

Through confidential assets – a privacy tool which blinds asset values on public ledgers via a protocol called “confidential transactions” – these tether may never see public light again. In fact, it may be the first instance of private digital asset trading at scale.

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