Last Updated: 16 February 2023
Companies and also individuals can send US dollars directly over the lightning network. Jack Mallers of technology company Strike announces this on Twitter.
The @Strike Sending API Documentation is now public!
Businesses and developers can now use the Strike API to send US Dollars over the Lightning Network
Cheaper, faster, global, superior payment experiences on the world's open monetary network#Bitcoinhttps://t.co/HmQHUp3Lt1
— Jack Mallers (@jackmallers) February 14, 2023
Mallers compares the ease of payment to Swift and the VISA network, among others. The difference being that the lightning network is cheaper, faster and more open than existing payment networks. In fact, businesses can use the technology.
He clarifies that it does not involve stablecoins, a type of asset now under the microscope of US regulators. You use US dollars on the lightning network and do not need to have bitcoin to use the service.
Lightning is a secondary layer on top of the bitcoin network, allowing cheaper and faster transactions than on the bitcoin network itself. This is because transactions are settled at a later stage. While still experimental, the lightning network is increasingly being used by businesses and citizens alike.