Philip Gradwell joins Tether as head of economics to improve transparency and regulatory communication on USDT usage.
Tether settled with the New York Attorney General for $18.5M in 2021, agreeing to provide quarterly reserve reports and banning operations in NY.
USDT holds a 69% market share, with a current market capitalization of $112B, following increased regulatory scrutiny and compliance efforts.
Tether has made an important move toward transparency with Philip Gradwell, the former chief economist of Chainalysis, becoming the head of economics. Gradwell will measure and communicate Tether’s USDT usage to authorities and stakeholders. This hiring is part of Tether’s continued efforts to resolve regulatory concerns and give more transparency into its operations.
Philip Gradwell, Former Chief Economist at Chainalysis, Joins Tether as Head of Economicshttps://t.co/5HRhPhR3zK
— Tether (@Tether_to) July 15, 2024
Gradwell brings six years of experience from blockchain analytics firm Chainalysis and will analyze USDT data globally, which has seen daily trading volumes in the billions since 2017. According to Messari data, its volume over the past 24 hours was $32.23 billion. Gradwell’s role will involve a detailed examination of this data to provide transparency and clarity.
Gradwell aims to demystify digital assets by shifting the conversation towards their practical uses. His goal is to highlight how USDT supports dollar hegemony, and he believes his work at Tether can shift this narrative and bring more understanding to digital assets’ role in the economy.
Engaging with regulators will be an important element of Gradwell’s responsibilities, particularly in the US. Tether’s interactions with government agencies have included both cooperation and suspicion. In February 2021, Tether agreed to pay $18.5 million to the New York Attorney General to resolve charges concerning fiat collateral backing its coins. The settlement required quarterly reserve reports for two years and a restriction on operating in New York.
Tether just added the United States Federal Bureau of Investigation to its platform, and in March, it helped the US Department of Justice recover nearly $1.4 million in stolen USDT from an unhosted digital wallet. These efforts demonstrate Tether’s commitment to collaborate with government bodies and improve its compliance system.
According to Tether, Gradwell will help improve communication with regulatory agencies and stakeholders. His skills and views are likely critical in navigating the complicated regulatory landscape and encouraging open communication.
Improved government surveillance in recent years has helped USDT’s market share grow; the stablecoin now holds a 69% market share, higher than that of Circle USD Coin. According to DefiLlama, USDT’s current market worth is $112 billion. Gradwell’s employment guarantees regulatory compliance and transparency, strengthening USDT’s market position.
Gradwell’s work is anticipated to build trust among users and regulators alike by providing clear and accessible data on USDT’s usage dispelling doubts and enhancing its reputation in the digital asset space. This approach could lead to broader acceptance and integration of USDT in various economic activities.
With Philip Gradwell joining Tether, the company aims to increase transparency and regulatory engagement. This move could impact the perception and usage of USDT in the real economy. Tether seeks to strengthen its market position and foster a more transparent digital asset ecosystem by focusing on practical applications and regulatory compliance.
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