Tether will have the ability to monitor the secondary market for its stablecoin, thanks to a solution created by blockchain analysis firm Chainalysis. The new capabilities will allow Tether to gain market insights and identify wallets that may be tied to illicit or sanctioned addresses.four of them in an announcement on its website. Sanctions Monitoring will provide a list of addresses and transactions that involve sanctioned entities.
“Our collaboration with Chainalysis marks a pivotal step in our ongoing commitment to establishing transparency and security within the cryptocurrency industry. This collaboration reinforces our proactive approach to safeguarding our ecosystem against illicit activities.” Tether has collaborated with authorities in 43 jurisdictions “to address illicit activities,” the announcement pointed out. Nonetheless, the company has come under fire for the stablecoin’s alleged role in criminal activities and terrorism financing.Tether even ran afoul of pro-crypto United States Senator Cynthia Lummis, who sent a letter to Attorney General Merrick Garland demanding an investigation of the role Tether and Binance played in the Hamas attacks on Israel in October.
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