On Monday, March 4, Tether announced the launch of a tool to restore access to USDT stablecoins in case 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 option for emergency development of events. The Tether team has supplemented the existing system of mutual settlements between blockchains with a tool that promises permanent protection and access of USDT owners to assets in situations when any of the blockchains on which operations in USDT are available will fail.
If such a situation occurs, users will be able to confirm ownership of addresses in an unresponsive blockchain, as well as the recipient's address in another supported blockchain. And Tether will be able to move USDT between networks.
Users will be able to initiate the migration process via the Internet or command-line tools. The procedure includes a cryptographic signature of the migration request to verify the ownership of USDT stablecoins. Support is available for popular wallets with browser extensions, as well as hardware wallets such as Ledger or Trezor. In addition, the command-line interface allows you to directly enter the private key and sign the required message using an open source script on the local computer.
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 option for emergency development of events. The Tether team has supplemented the existing system of mutual settlements between blockchains with a tool that promises permanent protection and access of USDT owners to assets in situations when any of the blockchains on which operations in USDT are available will fail.
If such a situation occurs, users will be able to confirm ownership of addresses in an unresponsive blockchain, as well as the recipient's address in another supported blockchain. And Tether will be able to move USDT between networks.
Users will be able to initiate the migration process via the Internet or command-line tools. The procedure includes a cryptographic signature of the migration request to verify the ownership of USDT stablecoins. Support is available for popular wallets with browser extensions, as well as hardware wallets such as Ledger or Trezor. In addition, the command-line interface allows you to directly enter the private key and sign the required message using an open source script on the local computer.
