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.
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.
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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