PANews reported on July 17 that according to Cointelegraph, the smart contract and asset issuance system RGB Protocol has been launched on the Bitcoin mainnet, which can realize the tokenization of assets such as stablecoins, NFTs and custom tokens in the Bitcoin ecosystem. The protocol adopts a client-side verification mechanism, stores asset data off-chain and anchors proof through Bitcoin transactions, achieving privacy protection while maintaining decentralization.

The RGB Protocol Association was established on the same day, with members including Bitfinex, Fulgur Ventures and other institutions. The CEO of Boosty Labs revealed that USDT will become the first stablecoin based on the RGB Protocol running on the Bitcoin network, and users can achieve fast and low-cost transfers through the Lightning Network. The protocol also supports the construction of EVM-compatible DeFi applications, and will launch a developer funding program in the future.