Tether Teams Up with Chainalysis to Monitor Secondary Market
Thanks to a solution created by blockchain analysis firm Chainalysis, Tether will now have the capability to monitor the secondary market for its stablecoin.
This will enable Tether to gain valuable market insights and identify any wallets that may be associated with illicit or sanctioned addresses. The newly developed solution will consist of multiple tools, with four of them already listed on Tether’s website.
One such tool is the Sanctions Monitoring, which will provide a list of addresses and transactions involving sanctioned entities. Additionally, the Illicit Transfer Detector will identify any transactions that may be linked to activities like terrorism financing.
The solution will also include a Categorization feature that will classify Tether holders based on their type, such as exchange or darknet market.
The Largest Wallet Analysis tool will focus on identifying and monitoring significant USDT holders and their activities.
According to Tether CEO Paolo Ardoino, this collaboration with Chainalysis is an important step towards promoting transparency and security in the cryptocurrency industry.
