Tether Unveils Crypto Recovery Tool

Tether has introduced a brand new blockchain recovery tool for its stablecoin users.

The issuer of the USDT stablecoin says it has created the tool in the event of a blockchain network going down or otherwise becoming inoperable.

This has fueled speculation that Tether may switch from a Tron token standard to an ERC-20 token standard soon—this purported shift is also further supported by the regulatory concerns surrounding Tron.

Indeed, many blockchain companies have recently voiced concern over Justin Sun-owned entities—citing the regulatory problems.

ToBTC explained: “According to data from Tether, USDT resided on 14 blockchains as of March 4, including Tron, Ethereum, Solana, Avalanche, Omni, and other networks. Tron and Ethereum are the two largest blockchains for USDT, accounting for 51% and 43% of all issued USDT.”

Tether launches recovery tool to migrate USDT between #blockchains :#Tether will allow users to move their #USDT between blockchains in the event any of the operated #blockchains becomes unresponsive.
Major stablecoin issuer Tether has launched a recovery tool to migrate its… pic.twitter.com/gVRgtyNxY6

— TOBTC (@_TOBTC) March 5, 2024

Tether Launches Blockchain Recovery Tool As Stablecoin Circulation Hits Record $100 Billion

— Bradicoin (@Bradicoin10) March 5, 2024

Crypto News went into further detail about how the recovery tool works:

Tether explained the process, stating that users can verify ownership of their addresses on an unresponsive blockchain and then indicate a recipient address on another supported blockchain.

Tether will then facilitate the transfer of USDT between the two addresses.

The migration process can be initiated by affected USDT users through a web interface or command-line tools.

Tether issued a press release to accompany the new blockchain recovery tool: “In response to the potential risk of a blockchain becoming unresponsive or unreliable, Tether has introduced its official recovery tool. This tool enables users to migrate USDT between blockchains, ensuring continued usability and security.”

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Tether introduces a recovery tool for transferring $USDT across blockchains

In response to the potential risk of a blockchain becoming unresponsive or unreliable, Tether has introduced its official recovery tool. This tool enables users to migrate USDT between blockchains,… pic.twitter.com/tsOd2jOksA

— FanBe_web3 (@FanBe_web3) March 5, 2024

Tether introduces recovery tool for USDT transfers across blockchains in case of disruptions. Users confirm ownership and specify recipient address, with Tether facilitating transfers. Rumors suggest Tether may shift from Tron to ERC-20 by fall. #Tether #USDT #blockchain #crypto pic.twitter.com/pl1ujeTmBk

— Smogster (@RealSmogster) March 5, 2024

Bitcoinist confirmed:

To verify ownership of USDT on an unresponsive blockchain, the company has assured that users can cryptographically sign a migration request. Simultaneously, they can specify a recipient address on another supported blockchain to which the USDT will be transferred.

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