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Tether announces USDT migration tool in a bid to safeguard against blockchain network failures

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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.

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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.

The post Tether announces USDT migration tool in a bid to safeguard against blockchain network failures appeared first on HIPTHER Alerts.

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Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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