- Tether, the world’s largest stablecoin issuer, has partnered with blockchain data platform Chainalysis to monitor secondary market activity and combat illicit activity.
- The new tools developed by Chainalysis will allow Tether to identify wallets that may pose risks or be associated with illicit or sanctioned addresses.
- Tether recently reported a record net profit of $4.52 billion in Q1 2024, largely attributed to financial gains on Bitcoin and gold.
Tether partners with Chainalysis to enhance compliance measures and monitor transactions, aiming to make the crypto ecosystem safer. The stablecoin issuer also reports a record profit in Q1 2024.
Tether and Chainalysis Join Forces
Tether, the issuer of the world’s largest stablecoin, has announced a partnership with blockchain data platform Chainalysis. The collaboration aims to monitor secondary market activity and combat illicit activity. The new monitoring and analysis tools developed by Chainalysis will have the ability to identify wallets that may pose risks or be associated with illicit or sanctioned addresses.
Monitoring Secondary Market Activity
Secondary market activity refers to transactions conducted within the broader ecosystem using USDT, beyond the limited entities that directly buy and sell USDT from Tether. The new tools developed by Chainalysis will allow Tether to methodically monitor these transactions, providing the firm with oversight of the USDT market. Tether compliance professionals and investigators will use these tools to identify potentially risky wallets or those associated with illicit or sanctioned addresses.
Tether’s Record Profit
Earlier this week, Tether reported a record net profit of $4.52 billion in the first quarter of 2024. The substantial profit was primarily attributed to the firm’s financial gains on Bitcoin and gold, totalling $3.52 billion, and an additional $1 billion from operating profits. This marks a significant achievement for the company.
Conclusion
Tether’s proactive commitment to monitoring secondary market activity has the potential to transform the crypto ecosystem, making it a safer place to transact. The partnership with Chainalysis, coupled with Tether’s record profit, demonstrates the stablecoin issuer’s growth and commitment to transparency and compliance.
