Crypto News – Stablecoins on Bitcoin Will Launch Very Soon, According to Elizabeth Stark
Crypto News – At FT Live’s Crypto and Digital Assets symposium in London, Elizabeth Stark, CEO of Lightning Labs, discussed the most recent advancement from the Bitcoin development company. An audience of traditional finance people was also treated to an articulate explanation of Bitcoin and the Lightning Network by the co-founder of the company.
Stablecoins and tokenized assets are being added to Bitcoin through the Taproot Assets protocol developed by Lightning Labs. As a result, Stark claims that developers have advanced far toward testing transactions on Lightning.
We released an early part of the code in October and recently demoed the first-ever transaction on Lightning of an asset. The idea is to have crypto dollars and stablecoins on the Bitcoin blockchain.
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Stark Thinks Bitcoin is the Most Suitable Network to Support Stablecoins
According to Stark, these digital assets have historically been used on other blockchains that have experienced problems with expensive fees and other problems. She contends that because Bitcoin “is the most secure and decentralized” blockchain, its network may be most suited to support the adoption of stablecoins.
Stark continued by talking about the benefits of stablecoins and Bitcoin as a store of wealth, particularly in countries where fiat currencies are depreciating and inflation is a problem. Since the COVID-19 outbreak, stablecoin adoption has increased significantly, according to her, with the majority of users being located in emerging markets.
The stickiest users have been those looking for a stable store of value. In some cases, they’re using Bitcoin. In other cases, they’re using stablecoins, and in some cases, it’s a combination of both,
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FAQ
Who is Elizabeth Stark?
At Lightning Labs, where she is the CEO and co-founder, Elizabeth Stark is creating a programmable financial layer that enables quick and scalable Bitcoin transactions on the internet.
What Services Does Lightning Labs Provide?
With lightning-fast, scalable Bitcoin transactions, Lightning Labs is developing a programmable financial layer for the internet. With rates significantly lower than credit card networks, Lightning acts as the Bitcoin equivalent of a credit card network, facilitating rapid, large-scale transactions.
What is Taproot Upgrade?
Developers approved and deployed Taproot, an upgrade to the Bitcoin network, in 2021. Its goal was to increase network privacy and efficiency.
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