Tether Introduces Blockchain Recovery Tool Amidst $100 Billion Milestone

Tether Holdings’ USDT stablecoin token has achieved a remarkable feat, briefly surpassing $100 billion in circulation and market capitalization.

Tether's USDT maintains a stable one-to-one value with the US dollar, experiencing a circulation surge of over 9% since the start of the year, driven by heightened demand for Bitcoin, which is currently trading at an all-time high of $66,000.

Tether's USDT briefly reached $100.2 billion in circulation before stabilizing around $99.5 billion

CoinGecko data reveals Tether’s USDT briefly reaching $100.2 billion in circulation before stabilizing around $99.5 billion.

Tether dominates the stablecoin sector with approximately 70% market share, surpassing $142 billion in value, while its closest competitor, Circle’s USDC, holds 19.4%.

Tether's reserves for USDT have reached $97 billion

A Bloomberg report discloses Tether’s reserves for USDT reaching $97 billion in December, with over 76% allocated to short-term US Treasury bills, significantly boosting profitability.

Tether reported an excess capital of $2.85 billion in December, utilized for industry research, Bitcoin mining, and other investments, with plans to allocate approximately half a billion dollars solely for Bitcoin mining activities in 2024.

Tether settled allegations and publicly disclosed reserve attestations

Despite its success, Tether faces public controversy and regulatory scrutiny over transparency concerns regarding its reserves and corporate structure.

Tether settled allegations by a US watchdog, paying over $40 million for misleading information about its collateral. It has since published quarterly attestations of its reserves with a third-party accounting firm.

Tether has been accused of involvement in illegal activities and pledges to combat criminal actions

Reports highlight Tether's involvement in terrorist financing and human trafficking, particularly in Asian markets.

A UN report highlighted organized crime groups in China using Tether for illegal betting operations, prompting Tether to express its commitment to combating cryptocurrency-related criminal activities.

Tether announced the development of a robust blockchain recovery tool

Tether announces the development of a robust blockchain recovery tool to ensure user security and fund protection.

The tool allows Tether to maintain user security and fund protection in worst-case scenarios, operating independently of specific blockchains and utilizing multiple blockchains as a transport layer.

User-Centric Migration Process

Affected users can initiate the migration process through a user-friendly interface, ensuring a seamless experience.

Users can cryptographically sign a migration request to verify ownership of USDT on an unresponsive blockchain and specify a recipient address on another supported blockchain for USDT transfer.