On Monday, March 4, Tether announced the launch of a tool to restore access to USDT stablecoins in the event of emergency failures when moving assets between blockchains.

The growing number of blockchains available to USDT holders and the increased activity of users making cryptocurrency transactions in stablecoins prompted the company to develop an emergency option. The Tether team has supplemented the current system of mutual settlements between blockchains with a tool that promises constant protection and access to assets for USDT holders in situations where any of the blockchains on which USDT transactions are available suddenly stops working.

If such a situation arises, users will be able to verify ownership of addresses on the non-responsive blockchain, as well as the recipient's address on another supported blockchain. And Tether will be able to move USDT between networks.

Users will have the option to initiate the migration process via the Internet or command line tools. The procedure includes a cryptographic signature of the migration request to verify ownership of USDT stablecoins. Support is available for popular wallets with browser extensions, as well as hardware wallets such as Ledger or Trezor. Additionally, the command line interface allows you to directly enter the private key and sign the required message using an open source script on your local computer.

Previously, the issuer of the most popular stablecoin USDT reported a record net profit of $2.85 billion in the fourth quarter of last year.

Source - Bits.Media

Tether introduced a tool for restoring access to assets