Tether has hired Chinalysis’ chief economist for USDT usage reports.
Tether plans to increase transparency in its use of stablecoins with a new hire.
In the year Philip Gradwell, formerly Chinalysis' chief economist, has been named the company's chief economic officer, according to a July 15 announcement. Gradwell is responsible for measuring Tether's USDT usage and communicating it to regulators and stakeholders.
After six years at blockchain analytics firm Chainalysis, Gradwell now analyzes USDT data worldwide. Since 2017, USDT has seen daily trading volumes in the billions of dollars. According to Messari data, the stable coin volume in the last 24 hours was $32.23 billion.
“Many people still see digital assets as a mystery, in part because the industry is focused on the technology rather than the practical use cases,” Gradwell said in a statement, adding that his goal at Tether is “to understand how digital assets can be used in the real economy and How USDT Supports Dollar Highs.
US-Teeter cooperation
Among Gradwell's duties will be engagement with regulators, particularly in the United States. Tether's relationship with federal agencies in the country is based on cooperation and investigation.
In the year In February 2021, Tether and its sister company Bitfinex settled with the New York Attorney General (NYAG) for $18.5 million. As part of the settlement, Tether agreed to provide quarterly reports on its reserves for two years and was barred from operating in New York.
One of the company's recent moves toward government cooperation is the Federal Bureau of Investigation's (FBI) entry into the arena. In March, Tether helped the US Department of Justice (DOJ) recover nearly $1.4 million in stolen USDT from an unhosted digital wallet.
According to Teaser, Gradwell will be instrumental in “improving communication with regulators and stakeholders.”
Over the past few years, government scrutiny of the crypto industry has boosted USDT's market share. The stablecoin now dominates the market at 69%, followed by Circle's stablecoin USDC. According to data from Defilama, USDT's current market capitalization stands at $112 billion.
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