Tether, the issuer of the world’s largest stablecoin, has joined forces with blockchain data platform Chainalysis to monitor transactions in the secondary market and combat illicit activity. In a recent announcement, Tether revealed its plans to launch new monitoring and analysis tools developed by Chainalysis. These tools will have the capability to identify high-risk wallets or those associated with illicit or sanctioned addresses. Jonathan Levin, co-founder and chief strategy officer of Chainalysis, praised Tether’s commitment to monitoring the secondary market, stating that it has the potential to enhance the safety of the entire cryptocurrency ecosystem. Tether further explained that secondary market activity refers to transactions conducted with USDT beyond direct purchases from Tether. The new tools will allow Tether to systematically monitor transactions, providing oversight of the USDT market. Compliance professionals and investigators at Tether will be able to use these tools to identify risky wallets and illicit addresses. In other news, Tether reported a net profit of $4.52 billion in the first quarter of 2024, primarily driven by financial gains on Bitcoin and gold. The company has faced scrutiny in the past, with S&P Global Inc. assessing its ability to maintain its peg to the US dollar and giving it a constrained rating of 4 out of 5. Stablecoins like Tether are cryptocurrencies whose value is often tied to a fiat currency or commodity. Tether, which was launched in 2014, has the largest circulation volume among stablecoins and has maintained a relatively stable price in recent years.
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Tether Joins Forces with Chainalysis for Enhanced Transaction Monitoring and Combating Illicit Activity
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