USDT Stablecoin Publisher Collaborates With Chainalysis To Fight Crypto Crimes

USDT stablecoin published by Tether. (Photo; Doc. Cryptodnes)

JAKARTA Tether, the world's largest stablecoin publisher, announced cooperation with blockchain data platform Chainalysis to increase monitoring of USDT's secondary market activity and combat illegal activity involving this cryptocurrency.

This collaboration marks an important step for Tether in ensuring security and transparency in the USDT ecosystem. Chainalysis, known for its expertise in tracking cryptocurrency movements, will provide Tether with advanced tools to monitor wallets at high risk and detect suspicious transactions.

The "secondary market activity" refers to USDT transactions that occur outside the Tether platform itself, such as on crypto exchanges and DeFi platforms. With new tools from Chainalysis, Tether will be able to monitor these transactions more effectively and identify potential illegal activities such as money laundering and terrorism financing.

"Tether's proactive commitment to monitoring the secondary market of the world's most popular USDT cryptocurrency has the potential to change the entire ecosystem and make it a safer place to transact," said Jonathan Levin, co-founder and chief strategy officer of Chainalysis.

Tether's Net Profit Soars

Amid efforts to increase security, Tether has just announced a record net profit of 4.52 billion US dollars in the first quarter of 2024. This achievement shows significant growth for the company and reflects investor confidence in USDT.

However, Tether is still faced with some challenges. In December, the American credit rating agency S&P Global Inc. gave Tether a 'constrained' assessment of his ability to maintain ties to the United States dollar. This assessment is based on the lack of information revealed by Tether.

Stablecoins like USDT have become an important tool in the crypto world, allowing investors to transfer value easily and stably. However, the stability and security of these stablecoins relies heavily on the transparency and accountability of its publishers.