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    HomeAltcoinsTether Releases ‘Blockchain Recovery Plan’ As USDT Hits $100,000,000,000 Market Cap

    Tether Releases ‘Blockchain Recovery Plan’ As USDT Hits $100,000,000,000 Market Cap

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    Tether Releases ‘Blockchain Recovery Plan’ As USDT Hits 0,000,000,000 Market Cap

    Tether has released a plan to safeguard its stablecoin USDT in the event that the blockchains it operates on become unresponsive.

    According to a new press release, Tether is making improvements to increase both blockchain resilience and user protection in a worst-case scenario type of event.

    Because USDT is used on so many different blockchains, Tether says a “blockchain recovery plan” is necessary if any USDT transactions are disrupted. With such a plan in place, Tether aims to avoid any user disruption and maintain USDT accessibility.

    “Tether is a lifeline for hundreds of millions of users across the globe. Tether is especially important in emerging markets and developing countries, who rely on USDT in their day-to-day lives for both savings and payments. As part of honoring our user’s trust in USDT, Tether believes it is crucial to ensure that, even in highly-unlikely worst-case scenarios, USDT will never be at risk.”

    According to the press release, USDT operates independently of any blockchain it may be on, which is only used as a “transport layer.” But whatever blockchain USDT may be deployed on, all blockchain transactions carry some risk that Tether wants to minimize for its users.

    If a blockchain becomes unresponsive, according to the announcement, USDT can be easily transferred between blockchains by Tether.

    “Affected users would have the option to initiate the migration process through a user-friendly interface, accessible via web or command-line tools. This process involves cryptographically signing a request for migration to verify ownership of Tether tokens. Support for popular browser extension wallets and hardware wallets such as Ledger or Trezor is available for this process.

    Additionally, a command-line interface allows users to input their private key directly, enabling them to sign the necessary message using an open-source script on their local machine.” 

    At time of writing, USDT’s market cap is at $100.04 billion.

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    Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

    Featured Image: Shutterstock/balabolka

    The post Tether Releases ‘Blockchain Recovery Plan’ As USDT Hits $100,000,000,000 Market Cap appeared first on The Daily Hodl.

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