Tether, the issuer of the largest stablecoin USDT, announced that it has created an official recovery tool that can move USDT between blockchains in the event of a blockchain failure.
Stating that it aims to eliminate the risk of a blockchain becoming unresponsive, unreliable or unusable, Tether said that users can verify the ownership of their addresses in an unresponsive blockchain and the recipient address in another supported blockchain and transfer USDT.
Accordingly, if users verify their addresses on the unusable chain, Tether will be able to move USDTs to the address on the other confirmed chain.
“In line with Tether's commitment to keeping USDT accessible and secure, USDT has expanded across various blockchains.
As USDT becomes available on more blockchains, Tether has developed a robust blockchain recovery plan. In the event of an outage to any blockchain where USDT is available, Tether has developed and will implement proactive measures to ensure uninterrupted availability for our holders and preserve the accessibility of users' USDT.
At this point, Tether has created an official recovery tool that can move USDT between blockchains to eliminate the risk of a blockchain becoming unresponsive, unreliable, or unusable.
Users will be able to verify ownership of their address on a non-responsive blockchain and the recipient address on another supported blockchain, and Tether will transfer USDT between them.”
Safeguarding Tether Tokens: A Comprehensive Approach to Blockchain Resilience and User Protection
Read more: https://t.co/2Cc5Bnixh2
— Tether (@Tether_to) March 4, 2024
*This is not investment advice.
