• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Thursday, June 5, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Tether Launches Recovery Tool to Migrate USDT Between Blockchains

Jordan Avery by Jordan Avery
March 6, 2024
in News
Reading Time: 3 mins read
0
TETHER-USDT-BLOCKCHAINS-RECOVERY 1
Share on TwitterShare on Facebook

The new tool will allow users to move USDT between different blockchains if one network stops working. The issuer of the most popular stablecoin on the market, Tether (USDT), has announced a tool for asset recovery. The corresponding message appeared on the company’s blog. Meanwhile, the stablecoin’s capitalization reached $100 billion. 

 

How Asset Recovery Will Work?

An asset recovery tool will allow USDT to be moved between blockchains. This will come in handy in cases where one of the networks fails. 

Tether stablecoins currently support 14 blockchains, including Ethereum (ETH), Solana (SOL), Tron (TRX), Avalanche (AVAX), and Omni (OMNI). The largest number of stablecoins are concentrated in the Tron and Ethereum networks – 51% and 43% respectively. “While catastrophic failures are unlikely, Tether’s security commitments require the company to protect users’ assets in any of these scenarios,” the press release said. 

According to the post, once the user has verified ownership of the wallet, they can receive their USDT on another network. The entire process will take place using a regular signature in the web interface. The new product from Tether will also support hardware wallets such as Ledger and Trezor.

 

Tether Capitalization Exceeded $100 Billion 

According to reports, on March 4, the market value of USDT reached $100 billion for the first time in the history of its existence. Tether remains the third largest cryptocurrency by capitalization after Bitcoin (BTC) and Ethereum, while significantly ahead of them in terms of daily trading volume. As of March 5, transactions totaling $124 billion were made involving the stablecoin. The figures for the two main cryptocurrencies are $79 billion and $36 billion, respectively.

Earlier, JPMorgan analysts said that Tether has a bad effect on the crypto industry. According to them, the increase in the share of USDT threatens the entire market, since the company is exposed to enormous risk.

 

Tether and its Role in the Crypto Ecosphere

In a recent interview, Paolo Ardoino, the CEO of Tether, touched upon stablecoins. He emphasized that the main distinguishing feature of Tether from other issuers is the desire to serve a population that has virtually no access to the banking system. Many issuers, on the contrary, focus primarily on institutional investors. 

Speaking about working with US law enforcement agencies, the CEO noted that in the case of stablecoins this cannot be avoided: “How can you not work by the rules of the traditional banking system when you use the traditional banking system?”

Tether launches recovery tool to migrate USDT between blockchains
Tether CEO Paolo Ardoino – Image: CNN

He noted that stablecoins are a centralized financial instrument, although they work using a decentralized blockchain. According to Ardoino, people primarily use USDT or any other stablecoin because they consider them stable and secure. If you do not interact with law enforcement, the security of using stablecoins may be undermined, noted the CEO of Tether.

Let us recall that in mid-December, the USDT issuer froze 326 wallets with a total balance of $435 million to assist law enforcement agencies. All this happened two weeks after the adoption of the new wallet freezing policy. At the same time, the Tether company announced that the Secret Service was on its platform. Representatives are now working to involve the Federal Bureau of Investigation (FBI).

Tags: asset recoveryBlockchaincapitalizationcryptocurrencyDeFiJPMorganlaw enforcement.market dynamicsPaolo ArdoinoStablecoinTetherUSDT
Previous Post

NEAR Foundation and Eigen Labs Transform DeFi

Next Post

Crypto Exchange Bitstamp Obtains License in Singapore

Related Posts

Featured

Dow Rises, Tesla Drops After Musk-Trump Feud

June 5, 2025
Can XRP Hit $5? Technicals and Whales Say Yes
Market Analysis

Can XRP Hit $5? Technicals and Whales Say Yes

June 4, 2025
bitcoin btc
Featured

K33 Begins Bitcoin Buying with 10 BTC Purchase for Treasury Strategy

June 3, 2025
Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

June 2, 2025
Cardano Tanks 50% From Highs—Hope or Hype Ahead
News

Cardano Tanks 50% From Highs—Hope or Hype Ahead

June 1, 2025
Solana Price Prediction:Is the $200 Dream Dead
News

Solana Price Prediction:Is the $200 Dream Dead?

May 31, 2025

Press Releases

Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

by Alex Mercer
June 2, 2025

Introduction From courtroom drama to crypto karma, Binance is having a moment. The SEC has officially pulled the plug on...

Read more
Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

May 25, 2025
Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

May 23, 2025
Dogecoin’s Ready to Bark Again—Could $0.30 Be the Next Fetch?

Dogecoin Ready to Bark Again—Could $0.30 Be Next

May 20, 2025
Ethereum Climbs While PEPE Reloads—Who's About to Explode

Ethereum Climbs While PEPE Reloads—Who’s About to Explode?

May 18, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier