Tether Unveils Recovery Tool for USDT Amid $100 Billion Market Cap Milestone
Summary:
Tether, major issuer of USDT stablecoin, announced a recovery tool for moving USDT between different blockchain networks. The tool mitigates potential disruptions across its 14 supporting blockchains, including Tron and Ethereum. The announcement comes as USDT reaches a $100 billion market cap, securing its place as the third largest cryptocurrency by market cap and the largest by daily trading volume.
Tether, a prominent issuer of the stablecoin USDT, has announced the launch of a tool that enables the transfer of USDT between various blockchain networks. This comes following the recent staplecoin's market cap milestone of $100 billion. The blockchain recovery plan, announced on March 4, allows for uninterrupted access to USDT even in the event of disruptions to any of the several blockchain platforms supporting USDT transactions. As of the announcement date, Tether's stablecoin operates on 14 blockchains, prominent among them being Tron, Ethereum, Solana, Avalanche, Omni and others. More than half of all USDT transactions occur on Tron and Ethereum. However, despite reliance on these networks, Tether states that USDT functions independently, using blockchains only as a conduit. The newly developed recovery tool serves to protect against the unavailability or unreliability of a blockchain by supporting USDT migration across platforms. Customers can confirm ownership of their Tether tokens and ask for their transfer to a different blockchain. This can be done via the web interface or command-line tools, with validation of migration requests made possible through extension wallets like MetaMask or hardware alternatives like Ledger or Trezor. USDT recently reached a record $100 billion market cap, placing it as the third largest cryptocurrency by market value, trailing Bitcoin (BTC) and Ether (ETH). However, in terms of daily trade volume, USDT is unsurpassed, handling $132 billion in trades as of March 5.
Published At
3/5/2024 11:28:00 AM
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