Tether’s Stablecoin Hits $100 Billion, Launches Recovery Tool

Tether’s USDT Surpasses $100 Billion

Tether’s USDT stablecoin has become the first to surpass $100 billion in circulation and market value. Its value is pegged to the US dollar, and its popularity has surged as demand for Bitcoin has grown.

Tether Dominates Stablecoin Market

USDT accounts for about 70% of the $142 billion stablecoin market. Its closest rival, USDC, holds only 19.4%. Tether’s reserves include $97 billion in short-term US Treasury bills, which have boosted its profitability.

Tether’s Expansion Plans

Tether plans to expand into Bitcoin mining and industry research, allocating $500 million for mining alone. However, the company has faced scrutiny over its transparency and corporate structure.

Blockchain Recovery Tool

To ensure user security, Tether has introduced a blockchain recovery tool. This tool allows the company to maintain access to USDT even if a specific blockchain becomes unreliable.

User-Centric Migration

Users can initiate a migration process through a user-friendly interface if a supported blockchain becomes unresponsive. They can verify ownership and specify a recipient address on another supported blockchain. The migration process supports popular wallets like Ledger and Trezor.