Tether, a major issuer of stablecoins, has introduced a new tool to facilitate the movement of its Tether (USDT) stablecoin across different blockchains. This comes as USDT’s market capitalization reaches $100 billion. The purpose of the blockchain recovery plan, launched on March 4, is to ensure uninterrupted access to USDT in the event of any disruptions faced by the various blockchain networks used for USDT transactions. Tether has revealed that USDT is currently present on 14 blockchains, including Tron, Ethereum, Solana, Avalanche, and Omni. Tron and Ethereum are the two largest blockchains, accounting for 51% and 43% of all USDT issued, respectively. It is important to note that USDT exists independently of blockchains and the blockchains are used solely as a means of transportation. To mitigate the risk of unresponsive or unreliable blockchains, Tether has developed an official recovery tool that will allow users to transfer USDT between different blockchains. The migration process can be initiated through a web interface or command-line tools. To verify ownership of Tether tokens, users must cryptographically sign a migration request, which can be done using browser extension wallets like MetaMask or hardware wallets such as Ledger or Trezor. Additionally, users can input their private key directly through a command-line interface and use an open-source script on their local machine to sign the necessary message. Tether’s recovery tool launch coincides with USDT’s milestone of reaching a $100 billion market cap for the first time. As of now, USDT is the third-largest cryptocurrency by market cap, trailing only Bitcoin and Ether. However, in terms of daily trading volume, USDT takes the lead, with $132 billion in transactions handled daily, followed by BTC and ETH with $82 billion and $33 billion, respectively.
Tether Unveils Innovative Solution for Transferring USDT Across Blockchain Networks