Blockchain
Tether announces USDT migration tool in a bid to safeguard against blockchain network failures
Major stablecoin issuer Tether has launched a recovery tool designed for migrating its USDT stablecoin across different blockchains.
According to a March 4 announcement, the tool aims to safeguard continuous access to USDT (Tether stablecoin) in the face of potential disruptions across the multiple blockchain networks it operates on.
USDT’s architecture, per Tether, is notably independent of any specific blockchain, relying on them purely as a means of transmission. This design philosophy enables its presence on approximately 15 blockchains, such as Bitcoin, Ethereum, Polygon, Solana, Tron, and Tezos.
However, network disruptions have become increasingly common in the cryptocurrency sector due to increased loads. Recent network outages, such as the five-hour disruption on the Solana Layer 1 network and a notable downtime on the Polygon network, have underscored the growing issue of network reliability in the expanding cryptocurrency sector. These incidents emphasize the critical need for mechanisms like Tether’s blockchain recovery tool.
This new tool acts as a precautionary measure addressing such disruptions. Its primary aim is to ensure the uninterrupted availability of USDT. It will allow for the seamless migration of USDT across blockchains should one become compromised. As such, affected users can initiate the asset transfer by verifying their USDT ownership on the compromised blockchain and specifying a recipient address on an alternate supported network.
Tether has designed this process to be intuitive, supporting web and command-line interfaces. The system accommodates popular browser extension wallets like MetaMask and hardware wallets such as Ledger or Trezor, offering a robust security framework. Moreover, a command-line interface is provided for users preferring to engage directly with their private keys, thereby ensuring a comprehensive suite of options for safeguarding their assets.
The announcement follows a significant achievement for USDT, as its market cap hit $100 billion for the first time on March 4. Furthermore, USDT leads the cryptocurrency market in daily trading volume, with $132 billion in trades and transactions conducted daily using USDT as of March 5. This surpasses the trading volumes of other leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which record $82 billion and $33 billion in daily transactions, respectively.
Furthermore, Tether reported a significant growth in USDT’s excess reserves, reaching an all-time high, alongside recording net profits in the final quarter of 2023. An attestation for Q4 revealed that the stablecoin operator achieved $2.8 billion in net profits, primarily due to price appreciations of its Bitcoin (BTC) and gold reserves.
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Blockchain
WadzPay Plans to Expand Portfolio into Stablecoin Business
WadzPay, a leading fintech company specialising in blockchain based technology for virtual asset payment solutions, is proud to announce its plan to enter the Stablecoin business, marking a significant expansion of its offerings. With a steadfast commitment to innovation and addressing evolving market demands, the company has strategically positioned itself to capitalise on the growing opportunities within the virtual asset financial services space.
Blockchain
RevoluGROUP Announces CEO and Director Stepping Down
Blockchain
ZettaBlock announces the addition of blockchain data
ZettaBlock, a leading provider of blockchain solutions, has recently announced a significant enhancement to its offerings with the addition of blockchain data services. This development marks a strategic move aimed at bolstering ZettaBlock’s capabilities and further solidifying its position in the blockchain industry.
By integrating blockchain data services into its portfolio, ZettaBlock seeks to address the growing demand for comprehensive and reliable data solutions within the blockchain ecosystem. The new offering will enable clients to access a wealth of blockchain data, empowering them to make informed decisions and derive valuable insights from the vast amount of information available on various blockchain networks.
ZettaBlock’s decision to expand its services comes at a time when the importance of blockchain data analytics is increasingly recognized across industries. With blockchain technology continuing to gain traction and adoption worldwide, the ability to effectively harness and analyze blockchain data has become crucial for businesses and organizations seeking to unlock new opportunities and drive innovation.
Through its blockchain data services, ZettaBlock aims to cater to the diverse needs of its clients, providing them with access to real-time and historical data from a wide range of blockchain networks. This includes transaction data, smart contract metrics, network activity, and more, allowing users to gain deeper insights into blockchain transactions and activities.
The addition of blockchain data services represents a significant milestone for ZettaBlock, underscoring the company’s commitment to delivering cutting-edge solutions that meet the evolving needs of the blockchain industry. As businesses increasingly recognize the value of blockchain data in driving decision-making and enhancing operations, ZettaBlock’s comprehensive data services are poised to play a key role in shaping the future of blockchain analytics.
Source: cryptonewsz.com
The post ZettaBlock announces the addition of blockchain data appeared first on HIPTHER Alerts.
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