Utexo
Dubai-based blockchain infrastructure startup building software to settle USDT on Bitcoin using the Lightning Network and RGB. It raised a USD 7.5 million seed round co-led by Tether in March 2026.
Industry: Blockchain payments infrastructure | Location: Dubai, United Arab Emirates | Founded: 2025 | Total Funding: USD 7.5M
About Utexo
Utexo is a blockchain infrastructure company that builds software for settling the USDT stablecoin on the Bitcoin network. Its products are aimed at exchanges, wallets, payment providers, market makers and other operators that move USDT. The company combines Bitcoin settlement with the Lightning Network and the RGB protocol. It is based in the United Arab Emirates, and its October 2026 announcement carried a Dubai dateline.
Wamda reported that Utexo was founded in 2025 by Chris Hutchinson and Viktor Ihnatiuk, both described as co-founders. A July 2026 Bitcoin Magazine interview with Ihnatiuk said Utexo emerged from a joint venture involving Boosty Venture Studio, Fulgur Ventures and Tether Investments. A Ukrainian outlet reported that Ihnatiuk founded the Web3 development firm Boosty Labs and that Hutchinson previously worked at Polkadot.
Utexo's website lists three products. Mint is a gateway for minting and redeeming USDT on Bitcoin. The SDK offers RGB and Lightning libraries for developers. Cloud is managed RGB and Lightning infrastructure for operators that do not want to run their own nodes. The company says settlement completes in under one second and fees are fixed and paid in USDT.
Bitcoin Magazine reported in July 2026 that Utexo positions itself as issuer and distributor of Bitcoin-native USDT in partnership with Tether. On 22 October 2026 Utexo opened early access to Utexo Mint on the Bitcoin Signet test network for professional operators. It set 28 November 2026 for a public launch through partner wallets and exchanges and planned an extension to the Lightning Network in the first quarter of 2027. It has not named those partners.
On 6 March 2026 Utexo announced a seed round of USD 7.5 million co-led by Tether, Big Brain Holdings and Portal Ventures. Franklin Templeton, Maven11 Capital, Fulgur Ventures and other funds took part, together with angels from Ledger and other crypto companies. Wamda reported that the money would go towards developing the payment infrastructure and expanding beyond the UAE.
Utexo's website terms name RGB OS Ltd, a British Virgin Islands business company, as the entity behind the site. The company has not published revenue, customer or headcount figures.
Leadership
- Chris Hutchinson, Co-founder
- Viktor Ihnatiuk, Co-founder