Tether Promised to Return Money If the Blockchain Collapses

An interesting announcement has been released on the official website of the USDT issuer Tether which describes the company’s approach to ensuring the security of its tokens.

The article presents measures taken to prevent potential security threats and maintain the stability of their digital assets.

USDT is truly the largest stablecoin in the world. According to analysts, at the beginning of March, Tether’s capitalization exceeded $99 billion. The closest competitor in this sense is USD Coin of the Circle consortium with a modest budget of $25 billion.

The company claims that it “conducts a thorough review of each new blockchain before integrating with it to ensure the safety of user funds.”

However, the text contains several points that raise questions.

Although it claims to carry out rigorous testing, it is recognized that there is always a risk of technical failures. This indicates that the system is not absolutely reliable and safe.

The plan to restore user funds in the event of a blockchain failure is based on the process of migrating USDT between different blockchains. However, it is not explained how this migration will be carried out and how its security and transparency will be ensured.

The text also mentions a transition process that can be initiated by users via a web interface or command line, but does not provide details on exactly how ownership of funds will be verified or how possible fraudulent transfers of funds will be prevented.

Finally, the assertion that USDT exists independently of blockchains, which are used only as a transport layer, raises doubts about the nature of this stablecoin and its actual backing.

Thus, although Tether is presented as a reliable and secure system, it contains a number of ambiguities and does not provide enough technical detail to fully evaluate the stated benefits and security measures.

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