Fun

Tether hires Chainalysis’ chief economist for USDT usage reports

News Feed - 2024-07-16 01:07:02

Ana Paula Pereira7 hours agoTether hires Chainalysis’ chief economist for USDT usage reportsTether has appointed Philip Gradwell as head of economics to improve transparency on USDT usage to regulators.6933 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksTether is planning to increase transparency on its stablecoin usage through a new hire. 


According to a July 15 announcement, Philip Gradwell, formerly chief economist at Chainalysis, has been appointed as the company’s head of economics. Gradwell will be in charge of quantifying and communicating Tether’s USDT (USDT) usage to regulators and stakeholders.


After six years at blockchain analytics firm Chainalysis, Gradwell will now examine USDT data worldwide. Since 2017, USDT has seen daily trading volumes in the billions of dollars. The stablecoin’s volume over the past 24 hours was $32.23 billion, according to Messari data.


“Many people still view digital assets as a mystery, partly due to the industry’s focus on technology rather than practical use cases,” Gradwell said in a statement, adding that his goal at Tether is “to shift this conversation towards understanding how digital assets are used in the real economy, and how USDT is supporting dollar hegemony.”Source: Paolo ArdoinoUS-Tether cooperation


Among Gradwell’s duties will be engaging with regulators, especially in the United States. Tether’s relationship with federal agencies in the country has been marked by a mix of cooperation and scrutiny.


In February 2021, Tether and its sister company, Bitfinex, settled with the New York Attorney General for $18.5 million over allegations that Tether misrepresented the amount of fiat collateral backing its tokens. As part of the settlement, Tether agreed to provide quarterly reports on its reserves for two years and was banned from operating in New York.


One of the company’s recent moves toward government cooperation has been onboarding the United States Federal Bureau of Investigation to its platform. In March, Tether also helped the US Department of Justice recover approximately $1.4 million in stolen USDT from an unhosted digital wallet​.


According to Tether, Gradwell will be instrumental in “enhancing communication with regulatory bodies and stakeholders.”


Government scrutiny of the crypto industry over the past few years has boosted USDT’s market share. The stablecoin now has a 69% dominance in the market, followed by Circle’s stablecoin, USD Coin (USDC). According to data from DefiLlama, USDT’s current market capitalization is at $112 billion.


Magazine: Polygon never set out to beat Ethereum: Anurag Arjun, X Hall of Flame# Business# Tether# StablecoinAdd reaction

News Feed

Bitcoin.com Exchange Announces Public Sale of the Atari Token on October 29, 2020
Bitcoin.com Exchange Announces Public Sale of the Atari Token on October 29, 2020 Price per Atari Token: $0.25 IEO platform has been enabled for prospective purchasers to pass KYC before public sale
Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL
Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL Boba Network, a recently released L2 layer for Ethereum, has quickly jumped to second place in TVL (total val
Walmart Investigates How Fake Press Release of Its Partnership With Litecoin Got Posted
Walmart Investigates How Fake Press Release of Its Partnership With Litecoin Got Posted Following the fake news of its partnership with Litecoin, Walmart Inc. says it is looking in
Dogecoin Crashes 40%, But This Analyst Sees A Bullish Setup
Este artículo también está disponible en español. In a dramatic reversal, Dogecoin (DOGE) plunged from around $0.34 as low as $0.20, wiping out nearly 40% of its value be
Tron DeFi Activity Expands: SunSwap Hits $3B+ Monthly Swaps In 2025
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bank of England’s Deputy Governor Says Crypto Collapse Plausible, Regulators Need to Urgently Establish Rules
Bank of England"s Deputy Governor Says Crypto Collapse Plausible, Regulators Need to Urgently Establish Rules Bank of England Deputy Governor Jon Cunliffe says that a collapse in t
Nigerian Court Sentences Crypto Fraudster to One Year in Jail, Accused Given Option to Pay Fine
Nigerian Court Sentences Crypto Fraudster to One Year in Jail, Accused Given Option to Pay Fine A Nigerian court has convicted and sentenced a man to one year in prison who is accu
XRP’s 30% Jump To $2.8: Analyst Says This ‘Classic Confirmation’ Must Happen First
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum Dencun upgrade lowers transaction fees for L2s
Robert D. Knight10 hours agoEthereum Dencun upgrade lowers transaction fees for L2sThe Dencun upgrade marks a change in tactics for Ethereum, encouraging growth through improved layer-2 support.577 Total views2 Total sha
5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release
5% of Block Rewards - Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release Bitcoin ABC developers published a blog post on Saturday which discusses the miner Infrastr
$350K Bitcoin? Crypto Investment Firm CEO Predicts Massive Surge
Este artículo también está disponible en español. The Bitcoin space is buzzing again, but this time with eyebrow-raising predictions that seem almost too good to be true.
BitMart Lists BEP2 Token – Agora VOTE
TwitterFacebookLinkedInReddit BitMart, a premier global digital asset trading platform, recently announced the listi