Tether Partners with Chainalysis Amid Rising Regulations

Tether on Thursday announced a partnership with blockchain monitoring firm Chainalysis. monitor Transactions involving tokens on the secondary market. The move is aimed at strengthening Tether’s ability to identify and address potential risks related to illegal activities such as terrorist financing and sanctions evasion.

This monitoring system includes international sanctions compliance and illegal transfer detection capabilities, and Tether is committed to ensuring compliance with international sanctions and detecting illegal transfers. You will be able to identify your currency wallet. Tether CEO Paolo Ardoino emphasized the importance of this partnership in promoting transparency and security in the crypto industry.

The partnership comes as regulatory pressure on Tether increases around the world, raising concerns about USDT’s alleged role in evading international sanctions and facilitating illicit finance. Reports surface that Venezuela’s state-run oil company is using USDT to evade US sanctions, and a UN report links stablecoins to underground banking and money laundering in East and Southeast Asia. highlighted.

USDT has over $110 billion in circulating supply, remains pegged to the U.S. dollar, and is primarily backed by U.S. Treasuries held in reserves managed by Cantor Fitzgerald. Tether recently reported first-quarter profits of $4.52 billion, highlighting Tether’s prominence in the cryptocurrency market despite regulatory challenges.

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