Tether Launches Recovery Tool for Migration of USDT Across Blockchains in Case of Disruptions
Tether, a major stablecoin issuer and one of the leading players in the crypto market, has introduced a recovery tool to facilitate the seamless migration of its Tether (USDT) stablecoin between different blockchains.
On March 4, Tether announced the launch of its blockchain recovery plan, aimed at ensuring uninterrupted access to USDT in the event of disruptions faced by any of the multiple blockchain networks utilized for USDT transactions.
As of that date, Tether reported that USDT is present on 14 different blockchains, including Tron, Ethereum, Solana, Avalanche, and Omni.
Among these, Tron and Ethereum are the two largest blockchains for USDT, accounting for 51% and 43% of all issued USDT, respectively.
Tether noted that USDT exists independently of any specific blockchain and that the blockchains are solely used as a transport layer.
Tether launches recovery tool to migrate USDT between #blockchains :#Tether will allow users to move their #USDT between blockchains in the event any of the operated #blockchains becomes unresponsive.
Major stablecoin issuer Tether has launched a recovery tool to migrate its… pic.twitter.com/gVRgtyNxY6
— TOBTC (@_TOBTC) March 5, 2024
Tether’s recovery tool is intended to help mitigate risks associated with potential blockchain unresponsiveness.
This tool allows users to migrate their USDT holdings between blockchains securely.
Tether explained the process, stating that users can verify ownership of their addresses on an unresponsive blockchain and then indicate a recipient address on another supported blockchain.
Tether will then facilitate the transfer of USDT between the two addresses.
The migration process can be initiated by affected USDT users through a web interface
Read more on cryptonews.com
