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Speed, the company behind Speed Wallet, is launching USDTL, a wrapped USDT stablecoin on the Lightning Network using the Taproot Assets protocol developed by Lightning Labs. This is a disruptive step forward in the adoption of Lightning payments expanding its scope beyond Bitcoin transactions.
USDTL leverages the efficiency and extensive user base of the Lightning Network to deliver:
By integrating USDT with the Lightning Network, Speed aims to expand the utility and adoption of both technologies, providing users with a stable-value option for quick and low-cost transactions. The use of the Taproot Assets protocol enhances privacy and scalability, demonstrating Speed’s commitment to cutting-edge technology in the Bitcoin space.
Download Speed Wallet now to experience blazing-fast USDTL transactions on the Lightning Network.
Tether (USDT) is a leading stablecoin pegged 1:1 to the US dollar. Issued by Tether Limited, it maintains value stability through dollar reserves. USDT dominates over 70% of the stablecoin market, with daily volumes often exceeding $85 billion and a $115 billion market cap. Its global trust and widespread adoption make it a priority for Speed Wallet, offering users a reliable asset for efficient transactions.
The Lightning Network offers significant advantages for USDT transactions compared to public blockchains like Ethereum, Tron, Solana, TON, and Tezos. Currently, Ethereum, Tron, and Solana account for 90% of global USDT transactions. However, the landscape could change significantly with the following benefits of the Lightning Network over these other networks.
| Network | Transaction Fee | Congestion | Transaction Finality | Reliability | Privacy |
| Lightning | 0.05% of transaction fee | Fees remain stable regardless of network traffic | Instant (Less than few seconds) | 100% Uptime | High (Off-Chain Transactions) |
| Ethereum | $0.5 to $7 USD per transaction | Fees highly variable based on network congestion | ~15 minutes | Occasional network congestion | Moderate (Public Blockchain) |
| Tron | $1.5 to $3.5 | Fees fluctuates with network usage | ~57 seconds | Some downtime reported | Moderate (Public Blockchain) |
| Solana | $0.01 to $0.2 per transaction | Relatively Stable | ~30 seconds. | Multiple Outages reported | Moderate (Public Blockchain) |
The Lightning Network is one of the fastest-growing networks, increasingly adopted worldwide with notable use cases in remittances and micropayments. It boasts significant penetration in payment networks, as evidenced by the following statistics:
Exchanges Supporting Lightning: Coinbase, Binance, Bitfinex, Kraken, OkCoin, etc.
The Lightning Network does not have any upper limit for transactions per second, making it highly scalable for both micro and large USDT transactions.
The Lightning Network benefits from Bitcoin’s robust security model, operating on top of the Bitcoin blockchain, thus ensuring a secure environment for USDT transactions.
To experience USDTL on the Lightning Network, new users can download or access the Speed wallet on iOS, Android, and Chrome. Businesses can sign up at www.tryspeed.com to start accepting USDTL as soon as it’s available.
Methods to Acquire USDTL:
By connecting the Lightning Network with the USDT stablecoin, Speed offers users increased freedom, flexibility, and a seamless transaction experience through the following:
Business Acceptance: Businesses can accept global payments in USDTL and store them as BTC on Lightning, USDTL, or USDT on Ethereum, eliminating transaction costs, volatility, and delays.
At Speed our mission is to make Bitcoin accessible to everyone and create a payment ecosystem which supports financial inclusion and freedom. Successful adoption of USDTL will require more users, wallets and businesses to accept and transact in USDTL.
Speed team is committed to this mission and is exploring partnerships with leading payment processors, wallets and businesses to make USDTL payments accessible for everyone. By leveraging Speed’s APIs, the aim is to bring the rapid, cost-effective, and versatile advantages of USDTL transactions to a broader range of platforms.
The launch of USDTL by Speed marks a significant milestone in the evolution of digital payments. By combining the stability of USDT with the efficiency of the Lightning Network, Speed offers a cutting-edge solution that addresses the needs of modern businesses and individuals.
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Speed is a leading Bitcoin payment processor for individuals & businesses. Accept Bitcoin payments in your online or offline store, instantly over the Lightning Network or on-chain, at no setup cost.
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