Tether has announced plans to protect its stablecoin USDT if the blockchain it operates on becomes unresponsive.
According to a new press release, Tether is making improvements to increase both blockchain resilience and user protection in worst-case scenario type events.
Because USDT is used on a variety of blockchains, a “blockchain recovery plan” is needed if USDT transactions are interrupted, Tether says. With these plans, Tether aims to prevent user disruption and maintain USDT accessibility.
“Tether is a lifeline for hundreds of millions of users around the world. Tether is especially important in emerging markets and developing countries, where everyday life relies on USDT for both savings and payments. As part of respecting users’ trust in USDT, Tether believes it is important to ensure that USDT is never at risk, even in the most unlikely worst-case scenarios.”
According to the press release, USDT operates independently of the blockchain, serving only as a “transport layer.” However, no matter which blockchain USDT is distributed on, all blockchain transactions carry risks that Tether seeks to minimize for its users.
According to the announcement, Tether will allow you to easily transfer USDT between blockchains if the blockchain becomes unresponsive.
“Affected users can begin the migration process through a user-friendly interface accessible via the web or command line tools. This process involves cryptographically signing the migration request to verify ownership of the Tether tokens. The process comes with support for popular browser extension wallets and hardware wallets like Ledger or Trezor.
Additionally, the command line interface allows users to enter their private keys directly, allowing them to use open source scripts on their local machines to sign the required messages.”
As of this writing, USDT’s market capitalization is $100.04 billion.
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