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Tether has helped recover $87 million in USDT to date

Stablecoin issuer Tether has helped users recover $87 million in USDT sent to wrong addresses since its launch in 2014, its CTO Paolo Ardoino told The Block. Just earlier this week, for instance, Tether recovered nearly $1.5 million in USDT on behalf of users, according to Ardoino. As The Block has reported previously, Tether has a recovery mechanism in place that allows it to blacklist addresses on the Ethereum and Tron blockchains, freeze funds in those addresses, and issue new …

USDC’s supply on Ethereum surpasses that of USDT’s for the first time

The total supply of the USDC stablecoin on the Ethereum blockchain has surpassed that of rival Tether’s (USDT) for the first time. The current total supply of USDC on Ethereum stands at 39.92 billion, whereas USDT’s total supply on the blockchain stands at 39.82 billion, according to Etherscan. USDC’s supply beating USDT’s on Ethereum is significant since the blockchain remains a major contributor of growth for both stablecoins. USDC and USDT are available on several blockchains, including Solana and Algorand. …

Tether froze over $1 million worth of USDT last week

Stablecoin issuer Tether froze over $1 million worth of USDT last week, according to on-chain data. The amount is significant, given it belongs to a single blockchain address. Tether called the “AddedBlacklist” function on December 30 to block this address within this transaction. This address now won’t be able to move the frozen funds. When Tether blacklists an address, it freezes the USDT balance of it, as The Block has reported previously. It is unclear who owns this address, which …