Tether released an official recovery tool that allows users to transfer USDT assets across blockchains, USDT's market capitalization reached $100 billion, making it the third largest cryptocurrency in the cryptocurrency market.
Tether, the issuer of the US dollar stablecoin USDT, announced yesterday that it has launched an official recovery tool that allows users to transfer USDT assets after an outage on a USDT-enabled blockchain by verifying ownership of addresses on that blockchain and payee addresses on other USDT-enabled blockchains:
To address the risk that blockchains may become unresponsive, unreliable, or unusable, Tether has built an official recovery tool that transfers USDT between blockchains.
Users will be able to verify ownership of their address on that blockchain and the payee's address on another USDT-enabled blockchain, and Tether will transfer USDT between the two.
How to start USDT migration?
According to Tether's announcement, users affected by the public chain outage will have the option to begin the migration process through an easy-to-use interface accessible via web or command line tools, although the process involves cryptographic signing of the migration request to verify USDT ownership.
Additionally, Tether says the process also supports browser-extensible wallets and popular hardware wallets like Ledger, while the command line interface allows users to enter their private keys directly, allowing them to sign the necessary information using open source scripts on the local computer they.
USDT exists independently of the blockchain and only functions as a transport layer. This allows Tether to run on multiple blockchains and Tether customers can choose from nearly 15 blockchains, including Bitcoin, Ether, Polygon, Solana, Tron, and Tezos. This widespread adoption underscores Tether's commitment to interoperability and accessibility.
USDT Market Cap Surpasses $100 Billion
According to CoinGecko data, USDT's market capitalization surpassed $100 billion yesterday (4), continuing to reach new all-time highs, and 24-hour turnover reached $94 billion, making it the third largest cryptocurrency in the entire cryptocurrency market, behind Bitcoin and Ether.
Further reading: Tether's Q4 net profit was M$2.85 billion! 90% of USDT cash reserves, excess reserves increased to M$5.4 billion!
