Copy link
Increase text size
Decrease text size
Link copied

Chainalysis rolls out Anti-Money Laundering compliance solution for Tether stablecoin

Image: Chainalysis (Via Twitter)

Wed, 12 Feb 2020, 13:36 pm UTC

Blockchain analytics company Chainalysis has announced the roll-out of its anti-money laundering (AML) compliance solution for stablecoin issuer Tether.

By leveraging Chainalysis Know Your Transaction (KYT) solution, the Tether platform would be able to monitor its stablecoin's usage across its blockchain, enabling the real-time tracking of suspicious transactions.

Chainalysis Know Your Transaction (KYT) for Token Issuers is a real-time AML compliance solution for monitoring a token's full lifecycle, from issuance to redemption. Chainalysis KYT customers have been able to monitor their platforms for suspicious activity involving the Tether stablecoin since April.

"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," said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. "By putting proper AML transaction monitoring in place, Tether is demonstrating its commitment to transparency and regulatory compliance, further building trust among its growing user base."

The market capitalization of Tether, which went live on Ethereum in January 2018, increased from $1.8 billion on January 1, 2019, to about $4.6 billion in February 2020. In addition to Ethereum, Tether also works with EOS, Liquid Network, Omni, Tron, and most recently Algorand. Last month, it launched Tether Gold (XAU₮), a digital asset providing exposure to physical gold.

The integration with Chainalysis KYT is facilitated via an API. It enables token issuers to immediately begin monitoring large volumes of activity and identify high-risk transactions on an ongoing basis. The user interface also allows them to quickly understand the risk profile of each token holder with up-to-date data and filter them by the level of risk exposure to identify those that require immediate attention.

"Working with Chainalysis has allowed us to enhance our AML processes for all transactions involving the Tether token," said Paolo Ardoino, Chief Technology Officer, Tether. "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."

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,150.20 (+2.44%)
  • Ethereum (ETH) $280.45 (+0.49%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $412.25 (+0.08%)
  • Bitcoin SV (BSV) $305.44 (+0.10%)
  • Bitcoin (BTC) $10,150.20 (+2.44%)
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
12:17
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
11:39
IRS invites crypto firms to discuss cryptocurrencies and related issues
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:39
Banking giant Citi backs blockchain trade finance network Contour
09:47
Bank of Korea to develop blockchain-based bond management system
07:22
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
06:41
Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum
06:30
Nebulous launches blockchain-powered file sharing platform ‘Skynet’
06:00
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
05:03
Crypto finance firm Amber raises $28M in Series A funding
04:32
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
13:26
Enjin’s game development platform goes live on ethereum
12:14
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:14
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:13
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
11:12
Crypto derivatives exchange Deribit lists daily ether options
10:48
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
10:12
South Korean and Singaporean crypto exchanges partner to develop new services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft