Tether strengthens blockchain and stablecoin compliance with Chainalysis

The world’s largest stablecoin issuer, tether, recently strengthened its compliance measures through a blockchain monitoring solution. Linkage analysis.

In particular, the purpose of the collaboration is to create a custom solution for monitoring secondary market activity. Let’s find out more below.

Stablecoin News: Tether partners with blockchain data platform Chainaracy

As expected, Tether, a leading company in the digital asset space, chain analysisa famous blockchain data platform; customized solution.

The purpose of the latter is to be able to monitor secondary market activity.

The secondary market includes the following transactions: USDT (Tether’s stablecoin) within a broader ecosystem beyond the direct agreement between Tether and its counterpart.

The solution developed by Chainaosis will allow Tether to systematically monitor these transactions, giving it a clearer picture of the USDT market.

This tool allows Tether compliance experts to identify wallets that may cause problems. risk or linked to a related address Illegal or Authorized Activities.

This solution integrates various monitoring and analysis tools. These include Sanctions Monitor, which provides a detailed list of addresses and transactions related to sanctioned entities;

Additionally, it includes a categorization feature that categorizes USDT holders by type, such as exchanges and darknet markets.

Finally, we provide an in-depth analysis of major USDT portfolios, allowing you to thoroughly explore the trends of leading investors.

Also, fraudulent transaction detector, It is essential for identifying activities that may be related to crimes such as terrorist financing.

Some statements about the new collaboration

Paolo Ardoino Tether CEO commented:

“Our collaboration with Chainalysis represents an important step towards increasing transparency and security in the world of cryptocurrencies. Tether is committed to maintaining the highest standards of integrity, and this partnership It confirms our proactive approach to protecting our systems from illegal activity.”

on the other hand, Jonathan Levinsaid Co-founder and Chief Strategy Officer of Chainalysis.

“Tether’s proactive efforts to monitor the secondary market for USDT, the world’s most widely used stablecoin, has the potential to transform the entire ecosystem and make it more secure. Transparency provides an opportunity to work with law enforcement to block illicit funds and prevent the use of cryptocurrencies for illegal activities such as terrorism and fraud.”

Tether is committed to actively combating illegal activity in the cryptocurrency industry. The company works with 124 law enforcement agencies in 43 jurisdictions around the world, facilitating communication and information exchange to combat illegal activity.

strict enforcement of compliance rules The swift action against USDT’s inappropriate use demonstrates Tether’s commitment to maintaining high standards and contributing to creating a safer environment for all participants.

Tether records quarter with $1 billion profit

Tether has recently Record high profit According to a recent certification report, the company reported net income of $1 billion and total group net assets of $11.37 billion.

These results represent significant progress when compared to the $7.01 billion recorded at the end of 2023. Additionally, Tether has reported that its holdings in U.S. Treasuries have hit an all-time high.

These data highlight Tether Holdings Limited’s strong growth in early 2024. The company attributes its success to stablecoin issuers and reserve managers. 1 billion dollars to the overall result.

The majority of Tether’s profits come from operating U.S. Treasury securities, with a smaller portion coming from positions in Bitcoin and gold.

Regarding investments in government bonds, Tether increased its direct and indirect positions to more than $90 billion in the first quarter of 2024.

The company also includes indirect exposure through reverse overnight spot contracts secured by investments in Treasury securities and money market funds.

This is the first time Tether has disclosed its net worth, underscoring the company’s growing commitment. transparency.

Additionally, Tether has announced that it will hold $1 billion in excess reserves as a buffer to support stablecoin supply, bringing its total reserves to approximately $6.3 billion.

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