Tether, the largest issuer of stablecoins, has introduced a recovery tool to “migrate” (or move) its USDT coins across different blockchains. The tool is designed to provide uninterrupted access to USDT in the face of disruptions across different blockchain networks. USDT’s architecture is not blockchain-specific, allowing it to be present on various networks such as Bitcoin, Ethereum, Polygon, Solana, Tron, and Tezos.

However, due to the increased workloads in the cryptocurrency sector, network outages are becoming more frequent. Recent outages, such as a five-hour outage on the Solana Layer 1 network and a notable downtime on the Polygon network, have highlighted the growing network reliability problem in the expanding cryptocurrency sector. These incidents underscore the critical need for mechanisms such as Tether’s blockchain recovery tool.

The new tool provides a mechanism to transfer USDT between blockchains in case of failures, enabling seamless use of a stable coin. It is designed with transparency and security in mind, supporting web and command-line interfaces and being compatible with popular wallets such as MetaMask, Ledger, and Trezor.

Tether also reported surpassing USDT’s $100 billion market value and growing daily trading volume, exceeding other cryptocurrencies such as Bitcoin and Ethereum. The company also noted an increase in excess reserves and net income in the last quarter of 2023 due to the increase in bitcoin and gold reserve prices.