Tether’s USDT combines utility, security, and accessibility, making it the world’s largest stablecoin. In line with Tether’s commitment to keeping USDT accessible and secure, Tether has extended USDT to multiple blockchains. As USDT becomes available on more blockchains, Tether has developed a plan to recover the token in case there is a significant disruption to the blockchain on which USDT is available.
USDT is a lifeline for hundreds of millions of users around the world. USDT is particularly important in emerging markets and developing countries, where it can play a meaningful role in everyday life by providing an alternative to unstable fiat currencies and inefficient or unreliable payment rails. . As part of respecting the trust placed in Tether, we believe it is important to ensure that holders of USDT have peace of mind, even in the unlikely worst-case scenario.
Blockchain is only used as a transport layer for USDT. This allows USDT to operate on multiple blockchains, allowing Tether customers to choose from over 15 blockchains, including Ethereum, Polygon, Solana, Tron, and Tezos. This widespread adoption highlights Tether’s commitment to interoperability and accessibility.
Tether conducts a rigorous due diligence process before launching support for a new blockchain. However, since the blockchain is not controlled by Tether, there is always a risk of difficulties and changes. Although a catastrophic failure is unlikely, Tether’s commitment to resiliency has led us to develop a plan to protect access to USDT in these difficult scenarios.
To address the risk of significant blockchain disruption, Tether plans to establish official recovery tools to allow users to migrate USDT between blockchains. USDT holders must verify ownership of their address on the suspended blockchain and the recipient’s address on another supported blockchain, and must agree to certain terms and conditions. Conditionally, the tool will migrate USDT between them. Tether must balance its desire to support its holders with its commitment to legal compliance. Therefore, in accordance with Tether’s Terms of Service, Tether will not make this recovery tool available to all holders of USDT or in all jurisdictions.
Affected owners have the option to initiate the migration process through a user-friendly interface that can be accessed via the web or command-line tools. This process includes cryptographically signing the transfer request to verify ownership of Tether tokens. Support for popular browser extension wallets and hardware wallets will be available during this process. In addition, the command line interface allows users to directly enter their private key and use an open source script on their local machine to sign the desired messages.
The growing demand for Tether tokens across multiple blockchains requires forward-thinking strategies to manage risk and remain resilient. Tether knows that holders around the world rely on USDT. That’s why Tether has created these plans to help protect USDT’s holdings and keep operations running smoothly, even in the event of unexpected difficulties. As the world of digital currencies evolves, Tether is dedicated to maintaining its position at the forefront of digital commerce in terms of stability, security, ease of use, and innovation.
– Last updated: July 2, 2024 –
Forward-looking statements
Certain statements in this press release may be forward-looking in nature. “believe”, “expect”, “estimate”, “could”, “should”, “intend”, “may”, “plan”, “seek”, “anticipate”, ” Words such as “anticipate” and others generally identify “forward-looking statements” that speak only as of the date on which they are made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that may cause actual results to differ from those predicted, anticipated or implied by the forward-looking statements. Results could vary significantly. Neither Tether nor any other person assumes any responsibility to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. .
