February 18, 2020 – Tether added Chainalysis’ Know Your Transaction (KYT) software in order to monitor transactions, said the blockchain analysis firm in a press release.
Chainalysis announces that its compliance KYT tool has been rolled to the world’s largest stablecoin by market cap. The firm said KYT has a real-time anti-money laundering (AML) compliance solution for monitoring a token’s full lifecycle, from when it was issued until its redemption.
KYT customers, which now included Tether can monitor their platforms for any suspicious activity as well as monitor its usage across its blockchain. This enables them to track suspicious transactions in real-time.
Chainalysis Co-Founder and Chief Strategy Officer Jonathan Levin said that 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.”
Chief Technology Officer Paolo Ardoino said that Chainalysis’ KYT tool allows them to ensure a secure compliance program “that fosters trust with regulators, law enforcement agencies, and users.” He also said they are able to achieve this without sharing the identity of their users.
Tether’s market cap at the time this article is written is $4.6 billion. It is currently available on Ethereum, Omni, EOS, Liquid Network, Tron, and Algorand. Tether Gold was launch in January 2020 to provide users with exposure to physical gold just as Tether (USDT) gives users exposure to the US Dollar.
This article is published on BitPinas: Tether Adds Chainalysis Compliance Tool to Monitor Suspicious Transactions