Tether is boosting transparency for its stablecoin by hiring Philip Gradwell as the new head of economics.
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Announced on July 15, Gradwell, who was previously the chief economist at Chainalysis, will work on measuring and explaining how Tetherâs USDT is used to regulators and other interested parties.
Philip Gradwell Joins Tether to Enhance USDT Transparency
After six years at Chainalysis, Philip Gradwell brings extensive experience in blockchain analytics to his new role at Tether. Gradwell will be responsible for analyzing USDT data on a global scale. Since its launch in 2017, USDT has consistently seen daily trading volumes in the billions, with its 24-hour trading volume recently reaching $32.23 billion, according to Messari data.
Tether Announces New Head of Economics â Source:Â Paolo Ardoino
Gradwell noted that many people still find digital assets mysterious because the industry has focused more on technology than practical applications. His goal at Tether is to shift the focus towards understanding the real economic uses of digital assets and how USDT plays a role in maintaining dollar dominance.
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Philip Gradwell to Enhance Tetherâs Regulatory Engagement
One of Philip Gradwellâs key responsibilities at Tether will be to engage with regulators, particularly in the United States. Tetherâs relationship with federal agencies has been mixed, involving both cooperation and scrutiny.
In February 2021, Tether and its sister company Bitfinex settled with the New York Attorney General for $18.5 million, addressing claims that Tether misrepresented the amount of fiat collateral backing its tokens. As part of the settlement, Tether agreed to provide quarterly reserve reports for two years and was banned from operating in New York.
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Recently, Tether has been working to improve its cooperation with government bodies. The company has onboarded the FBI to its platform and, in March, helped the US Department of Justice recover approximately $1.4 million in stolen USDT from an unhosted digital wallet. Tether stated that Gradwell will play a crucial role in enhancing communication with regulatory bodies and stakeholders.
USDTâs Market Dominance and the Need for Transparency
Government scrutiny of the crypto industry has affected USDTâs market share, but Tether has continued to grow its dominance. USDT now holds a 69% market share, significantly ahead of Circleâs USD Coin (USDC).
According to data from DefiLlama, USDTâs current market capitalization stands at $112 billion. This dominant position underscores the crucial need for transparency and effective regulatory engagement for Tether.
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Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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