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USDT market cap surpasses $100 billion mark, Tether introduces blockchain recovery tool

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USDT market cap surpasses $100 billion mark, Tether introduces blockchain recovery tool

As the market heats up and Bitcoin approaches its historical high, the market capitalization of USDT has officially surpassed the $100 billion mark. Tether has also announced the launch of a recovery tool to prevent assets from becoming untransferable in the event of a specific blockchain shutdown.

Tether Blockchain Recovery Plan

According to an announcement by Tether, as USDT has expanded to multiple blockchains including Bitcoin, Ethereum, Polygon, Solana, Tron, and Tezos, in order to maintain accessibility of USDT and the commitment to user security, Tether has formulated a blockchain recovery plan.

Tether did not elaborate on the technical details, but if any blockchain providing USDT encounters issues, Tether will take proactive measures to enable users to access that blockchain and facilitate mandatory USDT cross-chain transfers.

Tether's official recovery tool allows users to verify ownership of unresponsive blockchain addresses, problematic blockchains, and another supported address, after which Tether will assist in transferring USDT.

This process will support mainstream plug-in wallets as well as hardware wallets such as Ledger and Trezor.

USDT Market Cap Surpasses 100 Billion US Dollars

CoinGecko data shows that the market capitalization of USDT has reached the milestone of 100.1 billion US dollars, while its main competitor USDC is at 28.9 billion US dollars, with USDT outperforming USDC in various aspects.

Currently, USDT's stablecoin market share is at 71.39%, compared to USDC's 20.72%.

On March 5th, the trading volume of USDT was 100.3 billion US dollars, while USDC only had 11.7 billion US dollars, even falling behind First Digital USD FDUSD which benefits from Binance's fee discounts, with a trading volume of 17.5 billion US dollars.

Stablecoin Market Cap