Tether Enhances Compliance Measures with Chainalysis Ecosystem Monitoring Solution

2 May, 2024 – Tether, the largest company in the digital asset industry, has collaborated with Chainalysis, the blockchain data platform to develop a customizable solution for monitoring secondary market activity. 

Secondary market activity refers to transactions conducted within the broader ecosystem using USDT (Tether’s stablecoin) beyond the limited entities that directly buy and sell USDT from Tether. This solution crafted by Chainalysis, empowers Tether to methodically monitor transactions, offering enhanced understanding and oversight of the USDT market. It will also serve as a proactive source of intelligence for Tether compliance professionals and investigators, enabling them to identify wallets that may pose risks or may be associated with illicit and/or sanctioned addresses.

Key components of this solution encompass a comprehensive suite of monitoring and analysis tools. These include Sanctions Monitoring, which provides a detailed list of addresses and transactions involving sanctioned entities as well as Categorization which enables a thorough breakdown of USDT holders by type, including exchanges and darknet markets. 

It also offers a Largest Wallet Analysis providing an in-depth examination of significant USDT holders and their activities, and an Illicit Transfers Detector which is integral to identifying transactions potentially associated with illicit categories like terrorist financing. 

Paolo Ardoino, CEO of Tether stated, “Our collaboration with Chainalysis marks a pivotal step in our ongoing commitment to establishing transparency and security within the cryptocurrency industry. Tether remains steadfast in its dedication to upholding the highest standards of integrity, and this collaboration reinforces our proactive approach to safeguarding our ecosystem against illicit activities.”

“Tether’s proactive commitment to monitoring the secondary market for USDT – the world’s most popular cryptocurrency – has the potential to transform the entire ecosystem and make it a safer place to transact,” said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. “Cryptocurrency is transparent, and harnessing that transparency to partner with law enforcement and freeze criminal funds is the best way to deter its use for terrorism, scams, and other illicit activity.”

Tether works to actively combat illicit activities across the industry. The Company has collaborated with 124 law enforcement agencies across 43 global jurisdictions, facilitating efficient communication and data exchange to address illicit activities. Tether’s rigorous enforcement of compliance measures and swift action against misuse of USDT highlight its dedication to responsible cryptocurrency practices, setting a safety benchmark in the industry, and ensuring a safer environment for all participants involved.

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