Leading stablecoin issuer Tether has launched a tool to migrate its USDT token between blockchains, allowing users to recover funds even if a blockchain USDT circulates on faces disruptions.
Tether’s recovery tool is meant to address the risks of a blockchain potentially becoming unresponsive, unreliable, or unusable, and allows users to migrate their holdings to a different blockchain in such a scenario.
Affected users would be able to use the recovery tool to launch the migration process through a web interface or command-line tools. The process would involve cryptographically signing a request to verify ownership of the tokens being migrated.
Notably, USDT currently operates on 14 different blockchains, including prominent names like Tron, Ethereum, Solana, Avalanche, and Omni. While Tron and Ethereum represent the two primary platforms for USDT, accounting for over 94% of all issued tokens combined, Tether emphasizes that USDT remains “independent of blockchains” which are solely a “transport layer.”
Tether’s introduction of its recovery tool comes shortly after USDT’s circulating supply topped the $100 billion mark for the first time.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/mar/06/
