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Tether Releases USDT Recovery Tool

Tether, which issues the USDT stablecoin, has introduced an asset recovery tool.

The tool will allow you to transfer USDT between blockchains in the event of a failure of one of the supported networks.

“[…] Tether conducts a strict 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 ownership of a wallet on a broken blockchain, users will be able to receive their USDT on another network – this will happen using a standard signature in the web interface. Ledger or Trezor support is also implemented.

The stablecoin runs on multiple networks, including Ethereum, Solana, Algorand, Avalanche, EOS, Near and Tron.

In June 2023, Tether announced the addition of support for the Kava layer 1 blockchain. Two months later, the company stopped issuing USDT in the Kusama, Bitcoin Cash SLP and Omni Layer ecosystems.

On March 4, 2024, USDT's market capitalization exceeded $100 billion. At the time of writing, the figure is $99.3 billion, according to CoinGecko.

Tether’s net profit in the fourth quarter of 2023 amounted to a record $2.9 billion.


Source: Cryptocurrency

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