Tether Launches Blockchain Recovery Tool As Stablecoin Circulation Hits Record $100 Billion
Summary
Tether's USDT stablecoin briefly exceeded $100 billion in circulation, with a 70% market share in the stablecoin sector. The company's reserves reached $97 billion in December, with a significant portion in short-term US Treasury bills. Tether faced regulatory scrutiny and settled allegations of misleading information about its collateral pile. It also introduced a blockchain recovery tool to ensure uninterrupted accessibility and security for its users, allowing migration to another supported blockchain if needed. Tether has faced criticism regarding the use of USDT in illegal activities, but it has expressed commitment to combating criminal use of cryptocurrencies.
