Lightning Labs introduces Taproot Assets Alpha: A leap towards Bitcoin-based stablecoins

Lightning Labs recently launched the mainnet alpha of Taproot Assets

In a significant stride forward for the Bitcoin ecosystem, Lightning Labs recently launched the mainnet alpha of Taproot Assets. This protocol is specifically designed to facilitate the issuance of stablecoins and real-world assets on both the Bitcoin and Lightning Network.

Taproot Assets v0.3, the current version, is touted as offering a comprehensive developer experience. This means that developers can now seamlessly issue, manage, and delve into stablecoins and other digital assets anchored to the Bitcoin blockchain. Ryan Gentry, who spearheads business development at Lightning Labs, expressed his belief that the future will witness numerous global currencies manifested as Taproot Assets. Furthermore, he anticipates a shift where global foreign exchange dealings will be instantaneously settled via the Lightning Network.

This release is not just a step but a giant leap. As highlighted in a Lightning Labs statement on October 18, the day marks the dawn of a new epoch where Bitcoin becomes multi-asset. The functioning of this version of Taproot Assets is built on channeling the extant Bitcoin liquidity present within the Lightning Network.

Delving deeper into the implications, Gentry envisions the amalgamation to further fortify Bitcoin’s expansive network influence. He ambitiously predicts the “bitcoinization” of the dollar and other global financial assets, positioning Bitcoin as the universal routing network for the so-called “internet of money”.

One cannot ignore the substantial developer demand for Bitcoin-based stablecoin solutions. Gentry emphasizes the magnitude by comparing stablecoin issuers’ holdings of U.S. Treasuries to major economies like Germany and South Korea. This not only underscores the assets’ global importance but also hints at the staggering global user demand.

As a precursor to this groundbreaking launch, around 2,000 Taproot Assets were produced on testnets. But it’s essential to remember, as with most alpha releases, that the development is still evolving. Lightning Labs encourages the community’s active involvement, urging them to identify and report potential glitches.

Source: https://cointelegraph.com/news/lightning-labs-releases-taproot-assets-alpha-bringing-stablecoins-to-bitcoin 

Image: https://unsplash.com/photos/a-lit-up-lit-up-lit-up-lit-up-lit-up-lit-up-lit-up-lit-f4TBoZf_Eqs 

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