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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Dare to trade. Dare to win.
Tether, the company that issues and manages the market's leading stablecoin, USDT, has unveiled a recovery tool for its cryptocurrency. The goal of the new recovery plan is to address potential outages or serious issues on any network where USDT is available.
In the statement, Tether explains its "proactive measures" to ensure that USDT holders can access their funds beyond any issues on one of the networks where it is issued. "USDT exists beyond blockchains, which are used only as a means of transportation," the text justifies.
Among the networks where USDT is issued, Tron, Ethereum, and BNB Chain stand out. In total, the cryptocurrency has a market capitalization of USD 99.735 billion and dominates 70% of the stablecoin market.
To address the risk of a network becoming "untrustworthy or unusable," Tether offers an official recovery tool that provides the ability to migrate USDT from one network to another. "Users would be able to verify ownership of their addresses on a non-operational network and a recipient address on another compatible network and Tether will transfer the USDT between them," the company promises.