In August 2025, Tether announced plans to launch USDT on RGB, a Bitcoin L2. Now there's finally a launch date: November 28, 2026. But the USDT issued on RGB won't be backed by fiat currency or bonds. Instead, it will be backed by USDT0 tokens on Arbitrum. And USDT0 isn't even issued by Tether. It's a third-party token backed by USDT, circulating on networks where USDT isn't officially available. So we're getting a stablecoin backed by another stablecoin, which is itself backed by USDT. Each layer takes us another step away from Tether. What started as a major announcement about bringing USDT to Bitcoin is turning into something far less impressive. For Tether, though, it's a great deal: no responsibility for the tokens being issued, but plenty of free publicity for the USDT brand.