Lightning Labs announced the initial code for its new Taro protocol, which will allow users to issue and transfer assets on the bitcoin blockchain and Lightning.
“With this release, we're one step closer to bitcoinizing the dollar, and the global financial system!” Lightning Labs wrote in a Wednesday tweet.
Taro will allow developers to “mint, send, and receive assets on the bitcoin blockchain,” according to Lightning Labs.
“In talking to bitcoin and Lightning developers across the world, we've heard that users want to use stablecoins in the same way they're using bitcoin on the Lightning Network: instantly settled, low-fee, peer-to-peer transactions without financial intermediaries,” Lightning Labs Product Growth Lead Michael Levin wrote in a blog post.
The company first launched Taro, a Taproot-powered protocol, in April. Taproot is an update to Bitcoin’s code that was implemented last year.
Lightning Labs was founded in 2016 and has raised money from Square CEO Jack Dorsey and Robinhood CEO Vlad Tenev in various funding rounds.
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