The plan includes an official recovery tool that makes it easy for users to verify ownership of their addresses on an affected Blockchain and transfer their USDT to an address on another supported Blockchain. In other news, Tether has reached a record $100 billion market capitalization.
Tether, the issuer of the world’s largest Stablecoin, USDT, has implemented a recovery plan, which allows USDT to be migrated between Blockchains. All this, in case any Blockchain is interrupted, unreliable or unusable.
The announcement comes as USDT reached a market capitalization of $100 billion. So far this year, it has grown 9%.
Tether Introduces USDT Recovery Tool for Emergency Situations
According to the announcement, Tether (USDT) has become the largest Stablecoin in the world. Because it combines utility, security and accessibility. As a result, Tether has developed a robust Blockchain recovery plan. In case any Blockchain where USDT is available is disrupted.
In this regard, the company pointed out that “Tether has developed and will implement its proactive measures to ensure uninterrupted accessibility for our holders and safeguard users’ accessibility to their USDT.”
Specifically, users will be able to verify ownership of their addresses on a non-operational network and a recipient’s address on another supported network, and Tether will transfer USDT between them.
USDT Migration Tool: Accessible and Secure
Affected users have the option to initiate the migration process through an easy-to-use interface, accessible via the Web or through tools that use command lines. The tool, which has not yet been made available to the public, will have support for wallets such as Ledger and Trezor.
This process involves signing a cryptographic migration request to demonstrate ownership of the tokens in question. Additionally, a command line interface allows users to directly enter their private key, allowing them to sign the necessary message using an open source script.
Finally, as the crypto world evolves, Tether is committed to maintaining its leadership in terms of stability, security, ease of use and innovation.
Therefore, Tether expressed that its “commitment to user security requires that it protects user assets in any of the scenarios.”
In other News: Tether’s USDT Reaches $100 Billion Market Cap
USDT momentarily reached the $100 billion milestone on March 4, as the market capitalization fluctuates based on the current price and circulating supply, according to data from CoinGecko.
Its market capitalization is more than $71 billion higher than its closest stablecoin rival, USDC, issued by Circle, which has also seen its market capitalization grow this year.
Tether’s market capitalization puts it on par with British oil and gas titan BP and just above e-commerce giant Shopify.
The company that issues the token – also called Tether – claims that it backs each USDT token 1:1 with its independently audited reserves, made up primarily of United States Treasury Bills (T-Bills), a short-term loan granted to the American government.
In the fourth quarter of 2023, the company posted a record quarterly profit of $2.85 billion, $1 billion of which came from its T-Bills. Its fourth-quarter report revealed T-Bills holdings of more than $80 billion, and in the past it claimed to be one of the world’s largest buyers of U.S. government debt.
More than half of the USDT currently issued is on the Tron blockchain, which according to a January United Nations report “has become the preferred choice” for Southeast Asia-based cyber fraud and money laundering.
Tether has responded to the report by stating that the UN does not mention the company’s collaboration with security forces or the traceability of the token.
By Leonardo Perez
