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Tether partners with Chaina analytics to improve compliance and monitoring of sanctioned addresses
Stablecoin issuer Tether is working with blockchain analysis firm Chainaanalysis to develop a solution to monitor transactions involving entities other than those that directly buy and sell USDT.
In a statement, Tether said that a customized solution for monitoring secondary market activity will provide deeper understanding and oversight of the USDT market.
The company says compliance professionals and investigators can use the platform as a source of information to identify wallets that pose a risk or may be associated with illicit and sanctioned addresses.
Tether adds that the platform's suite of tools includes "Sanctions Monitoring," which lists addresses and transactions involving sanctioned entities, as well as "Categorization," which can categorize USDT holders by type.
The solution also includes a Top Wallet Analysis tool that provides an in-depth look at major USDT holders and their activities, as well as an Illicit Transfer Detector that can help identify transactions that may be associated with illicit categories.
Tether CEO Paolo Ardoino says:
“Our collaboration with Chainaanalysis marks a pivotal step in our ongoing commitment to bringing transparency and security to the cryptocurrency industry.”
This development comes in the wake of a report released in January by the United Nations Office on Drugs and Crime (UNODC) that alleged money launderers and fraudsters in East and Southeast Asia are choosing to use USDT Tether in their illicit activities.
Blockchain analytics firm TRM Labs also reported that USDT was the most commonly used dollar-pegged token for illicit transactions in 2023.
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