Issuer of the world’s largest stablecoin by market cap, Tether has launched a new tool that allows users to migrate USDT between different blockchains. According to a blog post released on Monday, the stablecoin issuer disclosed that the tool surfaced in an attempt to protect users as calls for the availability of USDT on various blockchains gain momentum.
More so, with the new tool, users will be able to verify ownership of their address on unresponsive blockchains. As revealed the tool will embrace a system that will cryptographically sign a request for the migration of tokens. Furthermore, Tether stated that the tool will be equipped with a user-friendly interface. The interface is designed to allow users to explore the full features of the tools.
Consequently, the tools according to Tether can be accessible through web or command-line tools. Additionally, the tool is compatible with popular browser extension wallets. Also, the stablecoin issuer revealed that it supports hardware wallets like Ledger and Trezor. The introduction of the new tool further strengthens the firm’s position as one of the leading advocates for a safe virtual asset landscape.
Tether Promises to Prioritize Users’ Safety
In the blog post, Tether emphasized its commitment to making USDT available and secure for a wide range of users. Similarly, the firm discussed how it is enjoying global patronage through its strong emphasis on utility, security, and accessibility. The stablecoin issuer highlighted how it created the new tool to protect users’ funds and ensure that they have unrestricted access to their tokens amidst unexpected challenges.
While introducing its new tool, Tether disclosed that it is committed to maintaining its position at the forefront of virtual commerce. The firm stated that it will continue to champion stability, security, ease of use, and innovation. Meanwhile, the launching of the new tool coincides with the attainment of the landmark $100 billion market cap USDT recorded in the early hours of Monday.
The milestone underlines how USDT has become one of the most used cryptocurrencies, extending its lead as the third-largest cryptocurrency by market cap. With this historic feat, the token also strengthened its leading position in the stablecoin market. At the moment, according to Coinmarketcap, USDT is now 3 times larger than USDC, the second-largest stablecoin by market cap. More so, USDT now has about $71 billion in market cap more than its closest counterpart in the stablecoin landscape.