Tether, the issuer of the USDT stablecoin, has unveiled an asset recovery tool.
Safeguarding Tether Tokens: A Comprehensive Approach to Blockchain Resilience and User Protection
Read more: https://t.co/2Cc5Bnixh2
— Tether (@Tether_to) March 4, 2024
The tool will enable the transfer of USDT between blockchains in the event of a failure in one of the supported networks.
“[…] Tether conducts a rigorous due diligence process to assess potential risks and vulnerabilities. Despite these precautions, there is always a risk of technical difficulties,” the press release states.
After confirming wallet ownership in the non-operational blockchain, users will be able to receive their USDT in another network via a standard signature in the web interface. Support for Ledger or Trezor is also implemented.
The stablecoin operates on several networks, including Ethereum, Solana, Algorand, Avalanche, EOS, Near, and Tron.
In June 2023, Tether announced the addition of support for the Kava first-layer blockchain. Two months later, the company ceased issuing USDT in the Kusama, Bitcoin Cash SLP, and Omni Layer ecosystems.
On March 4, 2024, USDT’s market capitalization surpassed $100 billion. At the time of writing, the figure stands at $99.3 billion, according to CoinGecko.
Back in the fourth quarter of 2023, Tether’s net profit reached a record $2.9 billion, as reported here.