The world’s largest stablecoin, Tether, has formulated a solid blockchain recovery plan, fulfilling its commitment to keeping USDT accessible and secure. A recovery plan for a growing blockchain comes in handy during major disruptions in those chains on which USDT is available. This is to ensure uninterrupted accessibility for our holders and safeguard users’ access to their USDT.
Using blockchains as a transport layer, USDT can exist in multiple networks. As of January 2024, Tether’s website lists 14 protocols and blockchains on which the token has been minted. Per the blog post, the recovery tool can migrate the user’s USDT from an unresponsive or unusable blockchain to the recipient address on another supported blockchain. Even though major network failures are unlikely, the risk of technical difficulties still exists.
The growing demand for Tether across multiple blockchains calls for a forward-thinking strategy for managing risks and maintaining resilience. Tether knows holders around the world depend on USDT. That’s why Tether has created these plans to protect your funds and keep operations running smoothly, even during unexpected challenges. As the world of digital currency evolves, Tether is dedicated to maintaining its position at the forefront of digital commerce in terms of stability, security, ease of use, and innovation.
Recently, USDT charted history when it breezed past the coveted market capitalization of $100 billion, catching the attention of market observers. Although the number of USDT tokens is approximately 99.5 billion, the price of the token is at a slight premium on some exchanges, enough to push the market value to $100 billion.
30% Tether’s USDT Back On Exchanges
The stablecoin has continued to be in the limelight among its market favorites, Bitcoin and Ethereum. While the latter’s respective supplies have moved off exchanges after the ETF approvals, USDT recorded nearly 4% of its available supply coming back to exchanges in 5 weeks.
Data sourced from Santiment revealed that this increase in Tether’s buying power implied that the mid-term 3+ month bull cycle [starting back in October] could still have some legs, particularly with just 79 days until the Bitcoin halving, estimated to occur on April 18th.