Tether Launches New Blockchain Tool as USDT Hits $100B Market Cap
Tether, a major player in the stablecoin market, has rolled out a new tool to facilitate the movement of its Tether USDT stablecoin across different blockchain platforms.
This move coincides with the milestone of USDT reaching a $100 billion market capitalization.
Announced on March 4, Tether’s blockchain recovery plan aims to ensure uninterrupted access to USDT in case of disruptions on any of the multiple blockchain networks it operates on. Presently, USDT is spread across 14 blockchains, with Tron and Ethereum being the primary ones, accounting for the majority of USDT transactions.
Despite its reliance on platforms like Tron and Ethereum, Tether emphasizes that USDT is platform-agnostic, with blockchains serving as transport layers only.
To address potential blockchain issues, Tether has introduced an official recovery tool. This tool allows users to migrate USDT between blockchains seamlessly, confirming ownership on one blockchain and designating a recipient address on another supported blockchain.
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Affected users can initiate the migration process through a web interface or command-line tools, verifying ownership using browser extensions or hardware wallets.
Tether’s announcement of the recovery tool coincides with USDT’s market capitalization milestone. As of March 4, USDT’s market cap exceeded $100 billion, marking a significant achievement in the cryptocurrency space.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
