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Tether Partners With Chainalysis To Adopt Anti-Money Laundering

Tether Partners With Chainalysis To Adopt Anti-Money Laundering

Chainalysis, the company that offers cryptocurrency and blockchain investigation and compliance solutions to global law enforcement agencies, regulators, and businesses, has joined hand with Tether as a way towards greater anti-money laundering (AML) compliance.

“Stablecoins like Tether, which peg their value to other assets, were developed to appeal to mainstream audiences who are wary of the price volatility associated with many traditional cryptocurrencies.”

Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis

With the Chainalysis Know Your Transaction (KYT) tool, Tether hopes to gain full-cycle monitoring capability of its stablecoin tokens from the moment of issuance to the point of redemption, as well as provide data on the risk profile of USDT token holders.

“This solution allows us to ensure a secure compliance program that fosters trust with regulators, law enforcement agencies and users. This is achieved without sharing our user’s identifying information, as such data is only kept on our servers.”

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Paolo Ardoino, Chief Technology Officer, Tether

Tether’s market capitalization increased from $1.8 billion on January 1 2019 to about $4.6 billion in February 2020. Tether went live on Ethereum in January 2018 and is also available on Omni. Tether launched on EOS, Liquid Network and Tron in 2019, with Algorand the latest addition in February 2020.

It is notable that Tether launched Tether Gold (XAU₮) in January 2020, a digital asset providing exposure to physical gold. In addition, the Tether group of companies already supports US Dollar (USD₮), euro (EUR₮) and offshore Chinese yuan (CNH₮).

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