NEW YORK, Monday, May 13, 2024 – Tether, the issuer of the world’s largest stablecoin USDT, announced a partnership with blockchain data platform Chainalysis to enhance their monitoring of secondary market activity and combat illicit transactions.1
In the significant partnership, Tether integrated a range of advanced tools aimed at enhancing transaction monitoring and risk analysis.
Among these tools are capabilities for sanctions monitoring, which flag transactions associated with sanctioned entities, and an illicit transfer detector, which identifies transfers potentially linked to criminal activities, including terrorism financing.
The collaboration introduces categorization features, allowing for the classification of Tether (USDT) holders by type, such as exchanges or darknet markets.
The integration includes a largest wallet analysis component, which closely scrutinizes the activities of major USDT holders. Through these newly integrated tools, Tether aims to bolster its efforts in identifying and mitigating potential risks within its ecosystem.
“Our collaboration with Chainalysis marks a pivotal step in our ongoing commitment to establishing transparency and security within the cryptocurrency industry,” said Paolo Ardoino, CEO of Tether.
“This partnership reinforces our proactive approach to safeguarding our ecosystem against illicit activities.”
This move comes amid growing regulatory scrutiny surrounding cryptocurrencies and concerns about their potential use in illicit activities. Tether has previously faced criticism regarding its financial transparency, and this partnership signals their efforts to address these concerns.
- tether.io: https://tether.io/news/tether-enhances-compliance-measures-with-chainalysis-ecosystem-monitoring-solution/[↩]
