Tether, a stablecoin issuer, launched a recovery tool to migrate its Tether USDT ($1.00) stablecoin between different blockchains, stated Cointelegraph The launch is expected to take place during USDT hitting a $100-billion market capitalisation.
“Users would be able to verify ownership of their addresses on an unresponsive blockchain and a recipient address on another supported blockchain, and Tether will transfer the USDT between them,” Tether explained.
Sources revealed that the affected USDT users will be able to initiate the migration process using the web interface or command-line tools. The process is expected to include cryptographically signing a request for migration to verify ownership of Tether tokens. The tokens are available with browser extension wallets such as MetaMask and hardware wallets such as Ledger or Trezor, added Cointelegraph.
Furthermore a command-line interface can allow users to input their private key directly. This can eventually enable users to sign the necessary message using an open-source script on their local machine, concluded Cointelegraph.
(With insights from Cointelegraph)
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