Türkçe
Español
Today, the world’s largest stablecoin by market value, Tether (USDT), is widely used by investors. As the most active stablecoin pair, USDT is also extensively utilized in DeFi transactions due to its support by numerous blockchains. Such a significant venture must maintain high investor security.
Tron Controversies and USDT
Tron (TRX) is one of the older, established blockchains, but it has shown a propensity for profiles like Zhu So and Kwon, which have disappointed investors in 2022. With ongoing investigations and allegations about its past, part of the crypto community thinks it might be good to keep a distance from Tron. Perhaps for this reason, USDC decided to reduce its presence on the Tron network.
Circle made this decision, and all eyes were on Tether, who said they did not need to take such a step. Now, they are taking an important step to ensure that investors do not lose their stablecoin assets in the event of potential issues on the networks where USDTs are distributed. With the newly developed tool, for instance, if there is an interruption on the Tron network, you will be able to secure and verify your assets through Tether.
Tether wrote the following in a recent announcement;
“USDT exists independently of blockchains that are used solely as transport layers. This allows Tether to operate on multiple blockchains and enables Tether customers to choose from about 15 blockchains, including Bitcoin, Ethereum, Polygon, Solana, Tron, and Tezos. This widespread adoption underscores Tether’s commitment to interoperability and accessibility.
Before supporting a new blockchain, Tether conducts a thorough due diligence process to assess potential risks and security vulnerabilities. Despite these measures, there is always a risk of technical difficulties. Although catastrophic failures are unlikely, Tether’s commitment to user safety requires protecting user assets in any of these scenarios.
To address the risk of a blockchain becoming unresponsive, unreliable, or unusable, Tether has created an official recovery tool that can transfer USDT across blockchains. Users will be able to verify ownership of their addresses on a non-responsive blockchain and a recipient address on another supported blockchain, and Tether will transfer the USDT between them.
Affected users will have the option to initiate the transition process through a user-friendly interface accessible via web or command-line tools. This process involves cryptographically signing a transition request to verify ownership of the Tether tokens. Support is available for this process, including popular browser extension wallets and hardware wallets like Ledger or Trezor.”
